1. Suppose a worker can survive by daily consumption of $40 value of commodities as determined by the socially necessary labor time of 4 hours. If a capitalist hires this worker to work for him 8 hours a day, how much will the capitalist be paying him within the Marxian framework? a) $20. b) $40. c) $160. d) Not enough information is available to calculate the paid wages.

1. Suppose a worker can survive by daily consumption of $40 value of commodities as determined by the socially necessary labor time of 4 hours. If a capitalist hires this worker to work for him 8 hours a day, how much will the capitalist be paying him within the Marxian framework? a) $20. b) $40. c) $160. d) Not enough information is available to calculate the paid wages.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter16: Labor Markets

Section: Chapter Questions

Problem 16.2P

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