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Mark owns a a modest candy store that pioneered a unique candy drop. This candy

by | Nov 25, 2022 | Economics : Economics | 0 comments

 

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Mark owns a a modest candy store that pioneered a unique candy drop. This candy drop can satiate hunger and provide the same amount of nutrients as your average American breakfast. Mark sells this candy drop to customers at $10 per candy. In the modest candy store that Mark owns, he has 3 employees that help him make and sell the candy drops. When Mark does the accounting for his store, Mark finds that he spends $3 in hourly labor costs and $1 in benefits for his employees, for every candy drop his shop produces. His first employee takes around 30 minutes to make a candy drop, while his third and newest employee takes around 3 hours to make a candy drop. As a result, Mark sets up the schedule so that the shop is still able to produce the amount of candies they need for the day. With this schedule, the shop is able to create 1 candy drop every hour.
Answer the following questions:
1) What is the use value of the candy drop in this scenario?
2) What is the exchange value of the candy drop in this scenario?
3) What is the value of labor power (wages) of Mark’s workers for every candy drop they create? (Be careful with this one)
4) What is the socially necessary labor time to produce a candy drop?
5) Based on the information in this scenario, what do you think is the surplus value of labor for a single candy drop?

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