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the quantity of labour time socially necessary to produce the appropriate amount of the product, i.e. the amount of a product which at the production price meets the effective demand for it—this quantity defines the correspondence between the total quantity of the commodity produced as use-values and the effective demand for those use-values.
The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. The contrasting system is typically known as the subjective theory of value.
In Das Kapital Marx normally thinks of the quantity of labour that determines product-value as the ratio between the average total amount of labour-time required to produce a reproducible good, and the corresponding average amount of labour required to produce a unit of gold (see also gold standard).
In particular, since value relations - according to Marx - describe the proportionalities between average quantities of labour-time currently required to produce products, value proportions between products exist quite independently of prices (and irrespective of whether goods are currently priced or not).
The post How Much Can You Make in Dividends With $100k? appeared first on SmartReads by SmartAsset. ... by your investment amount of $100,000. So, $9,500/$100,000=9.5%. ... to maintaining or ...
The salary needed in New Mexico to take home $100,000 is lower than in more than half of the states. That’s because New Mexico’s top state income tax rate is a relatively low 4.9%. New York ...
Conditional on producing the amount of output consistent with, say, the middle isoquant, the lowest cost can be obtained by using amounts of labor and capital such that the point on the given isoquant is on the lowest possible isocost curve—that is, at the point of tangency between the given isoquant and one of the cost curves.
Wire-grid Cobb–Douglas production surface with isoquants A two-input Cobb–Douglas production function with isoquants. In economics and econometrics, the Cobb–Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs (particularly physical capital and labor) and ...