How much excess surplus value does the capitalist in firm

Reference no: EM133270496

Assignment:

Under normal production conditions, it takes a worker 15 minutes of labor to produce one product X (assuming that this labor is the socially average labor, i.e., labor of average skill and intensity) and $50 worth of production materials. Assume that the length of the working day is 10 hours; the rate of surplus value is 166.66666666666...%; and the daily wage of the average worker in society is 300 yuan. Now, a producer of product X, firm A, uses a new technology to reduce the production time of each product X to 12 minutes, with the same inputs of production materials and labor proficiency and intensity. Assume that all other product X producers (a large number) are still using the original technology for production. Ignoring possible changes in the price of the product and the failure to sell the product, how much excess surplus value does the capitalist in firm A capture each day, assuming that there are 100 production workers in firm A?

Reference no: EM133270496

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