FC the Standard Economic Model of A Production Function Questions


a) The standard economic model of a production function where capital and labor are inputs into production, with both earning a return according to their marginal contribution to the value of output ( ECON202)b) The Marxian approach of production as a labor process, where the value added is distributed between the capitalist and the worker. What is the most important difference in conclusions drawn from the the two approaches to production? Which approach is in your thinking more relevant to understanding the workplace and production? ( Explain why briefly)

Explanation & Answer:
250 words


Standard Economic Model


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