Packet 5: Tossup 12

The “Wobbly Economist” Fred Lee models “social provisioning” as control of a form of this concept, drawing on an approach to simultaneously deriving profit and price that was named for it and revived by Piero Sraffa. In search-and-matching models, a “joint” form of this quantity equals input elasticity in the Hosios (“HO-zee-ohss”) efficiency condition. (-5[1])With quasilinear utility, change in this quantity equals the equivalent variation and the compensating variation. (-5[2])In Das Kapital, (-5[1])M plus a concept named for this quantity equals M’ (“M-prime”) in the formula (-5[1])M-C-M’ (-5[1])(“M-C-M-prime”). The entirety of this quantity can be captured by perfect price discrimination. (10[3]-5[1])In Marxist theory, (10[3]-5[2])capitalists (10[1])extract (10[1]-5[1])unpaid (-5[1])labor (10[1])time (-5[1])as a “value” named for this quantity. (10[1])For 10 points, name this quantity, (10[2])whose “consumer” form is equal to the area between the demand curve (10[1])and the price paid. ■END■ (10[7]0[4])

Back to tossups

Buzzes

Summary