Explain Karl Marx’s labor theory of value. In your explanation be sure to expand on the process of extended reproduction in the circulation of commodities (from C-M-C to eventually M-C-M’). Explain the component parts of value (c,v,s) and the rate of surplus value. What determines the rate of surplus value? Read answer

Explain Karl Marx’s labor theory of value. In your explanation be sure to expand on the
process of extended reproduction in the circulation of commodities (from C-M-C to eventually
M-C-M’). Explain the component parts of value (c,v,s) and the rate of surplus value. What
determines the rate of surplus value?
Read answer

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