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a) The standard economic model of a production function where capital and labor are inputs into...

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Economics

a) The standard economic model of a production function wherecapital and labor are inputs into production, with both earning areturn according to their marginal contribution to the value ofoutput

b) The Marxian approach of production as a labor process, wherethe value added is distributed between the capitalist and theworker.

What is the most important difference in conclusions drawn fromthe the two approaches to production?

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AnswerThe standard economic model of a production function wherecapital and labor are two important inputs into production and thequantity of output depends on the marginal productivity of both theinputs concludes that capitalK and laborL both earn accordingto their marginal productivity or their marginal contribution tothe value of the output which is determined by the price of    See Answer
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