This question <52|321> overall <270|272> ZACH: <270|272>.

Question 86: Use-value is the quality of the commodity, and exchange-value is its quantity. Right or wrong?

[271] ZACH: Quality and Quantity.   In doing some reading and research on this statement, I still feel pretty comfortable with my answers, but would like to re-word some of it to make more sense of the point I am trying to get across. I do feel the first part of this statement is accurate. “The use-value of a commodity is the menu of possible uses of the commodity” (taken from the annotations). If the commodity was not quality what would happen to the “menu of possibilities”? They would diminish, they would not exist. For example, it takes plywood and studs to build a home. If these pieces of lumber were not quality there would be many problems associated with this lack of quality. One problem would be if the studs were twisted then walls wouldn't be straight and the whole house would be off square. Also, if the plywood was rotten, then water would leak through and damage the house. Basically the use-value is the quality of the commodity because without quality in a commodity, no consumer will want to buy it.

As for the latter half of the statement, I don't believe it is accurate. Exchange value has to do with the price of the commodity, not the quantity. An oil company knows how much a barrel of oil is worth in the market because of the demand for that oil. They know what price they can get and that is the price they are going to ask for. The quantity has nothing to do with exchange value. The exchange value is price and that price is determined by the market of demand for that product and its use values.

Hans: If you want to know why this is a wrong answer read Kalmerico's [52].

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