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We discussed different possible interpretations of a labor theory of value: the labor embodied theory of value and the labor command theory of value being two of them.
(a) Explain briefly these two interpretations.
(b) Which seems closer to Adam Smith’s view?
(c) Which seems closer to Ricardo’s?
(d) Which seems closer to Marx’s?
(e) Which seems closer to the modern view?
d-e
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- Create a strong argument to the following prompt. Explain how the labor theory of value developed and changed from Smith, Ricardo, and Marx. Begin by establishing the significance of the labor theory and explain for each thinker individually.Figure 2 represents the Texas labor market. In this simplified model, labor and capital are the only factors of production. The initial supply of labor is denoted by S0 and consists entirely of U.S. workers. The demand for labor is denoted by D. Quantity of workers are in thousands and the wage rate is for a 40-hour workweek. (a) At labor market equilibrium, what is total weekly labor income? (b) At labor market equilibrium, what is the weekly income earned by U.S. capital owners? (Note: the capital owners are on the demand side – the demand curve reflects their demand for labor -- so the consumer surplus is the capital owner’s income.) Mexican labor migration yields a new labor supply curve, S1, which is the combination of domestic labor supply and Mexican labor. Given this: (c) What is total weekly labor income?(d) What is the weekly income earned by U.S. capital owners?Please no written by hand solution For Veblen like Marx, history is shaped by class struggle, though not in battles over the means of production, but as permanent conflict between leisure class and the working class. Please explain their similarities and differences on the subject.
- (Resource Demand and Supply) Answer each of the following questions about the labor market: a. Which economic decision-makers determine the demand for labor? What is their goal, and what decision criteria do they use in trying to reach that goal? b. Which economic decision-makers determine the supply of labor? What is their goal and what decision criteria do they use in trying to reach that goal? c. In what sense is the demand for labor a derived demand?Which of the following statements regarding the insider-outsider model is incorrect? A. The insider-outsider model of the labor force argues that those already working for firms are “insiders,” while new employees, at least for a time, are “outsiders.” B. A firm depends on its insiders to grease the wheels of the organization, to be familiar with routine procedures, to train new employees, and so on. C. The typical “outsider” is a better employee than the “insider.” D. cutting wages will alienate the insiders and damage the firm’s productivity and prospects.Could Reich’s and Stossel’s reasoning both be correct on the issue of jobs? That is, could a higher minimum wage shut beginners out of the market while also creating more jobs? Give typing answer with explanation and conclusion
- The earnings of piece-rate workers usually exceed those of hourly paid workers performing the same tasks. Theory suggests three reasons why. What are they? b) Suppose that as employment shifts out of manufacturing to the service sector, a higher proportion of workers are employed in small firms. What effect would this growth of employment in small firms have on the types of compensation schemes used to stimulate productivity?In the competitive labor market model of this chapter, the "value of the marginal product minus the wage" (MPL xP - W) for a given unit of labor (e.g., worker) gives Group of answer choices a) the change in output from the unit of labor being considered. b) the change in profit from the unit of labor being considered. c) the change in revenue from the unit of labor being considered. d) the change in price from the unit of labor being considered. e) the change in cost from the unit of labor being considered.Discuss the contribution to Zambia’s economic growth and development of each of the roles of Managerial Economics listed below: 1. Useful in Business Organization 2. Helpful in Chalking out Business Policies 3. Help in Business Planning 4. Helpful in Cost Control 5. Useful in Coordination of Business Activities 6. Useful In Demand Forecasting 7. Helpful in Profit Planning and Control 8. Helpful for Business Prediction 9. Helpful in Price Determination 10. Helpful in Solutions of Business Taxation Problems 11. Useful in Understanding the Mechanism of Economic System 12. Helpful in Analysis of Effects of Government Policies 13. Attempt to Put Out the Friendly Business 14. Supporting the Manufacture and Use of Models 15. Useful in Showing the Path of Economic Well-Being 16. Gives the Right Direction 17. Maintaining Costs 18. Distribute Profit 19. Measurement of the Efficiency of the Firm
- c. Other things held constant, suppose that demand for the final product increases. i. Using the labor demand curve D1 as your starting point, what happens to the demand for labor? If the demand for labor increases the demand curve will shift to the right from D1 to D2. ii. What are the new equilibrium wage rate and employment level? d. Assume this industry is dominated by non-union workers. How would the equilibrium wage compare to that earned in a similar industry with similarly skilled union workers? Explain. Answer asapHow are the principles of equal pay for equal work and equal pay for comparable work related? What justifications might be given to not given two workers in comparable job situations equal pay? What is child labor, and why is it objectionable? What are some reasons given in support of various sorts of child labor?Non-backward-bending labor supply curve. Consider an economy populated by 100 individuals who have identical preferences over consumption and leisure. In this economy the aggregate labor supply curve is upward-sloping. For simplicity, suppose that throughout this question that the labor tax rate is zero. a. For such a labor supply curve, how does the substitution effect compare with the income effect? b. Using indifference curves and budget constraints, show how such a labor supply curve arises.