Question

What is the cost of production of “labor power?” What is “necessary labor?”

Answer 1

Answer) Cost of production of labour consists of preciously the quantity of means of subsidence necessary for a worker to continue working and to prevent working class from dying out. cost of the labor means the wages that has been given to the labour .It abstract value in motion available for investment in future time and place . Labor power is the labor time necessary for the production of a commodity which gives enough wages for his sustenance.

Necessary labor means the labor employed by the employer in material production to create necessary product.It depends on the development of social production in a given socio economic production. T he division of labor is necessary and surplus labor is preserved.