change increasing the efficiency of labor to such an extent that each laborer produces 1,300 instead of 1,200 yards, then the account will stand, if the other elements remain unchanged:
500 men, each producing 1,300 yards, give a total product of 650,000 yards.
500 men, each paid 1,000 bushels, cause an outlay of 500,000 yards.
Profit: 150,000 yards.
(2.) If efficiency and the cost of producing food remain the same as at first, suppose a change to occur which raises the quantity of corn each laborer receives from 1,000 to 1,100, or, as it is called, increases his real wages—then the account will be:
500 men, each producing 1,200 yards, give a total product of 600,000 yards.
500 men, each paid 1,100 bushels, cause an outlay of 550,000 yards.
Profit: 50,000 yards.
(3.) If efficiency and real wages remain the same, suppose such an increase in the cost to the employers of obtaining corn that they are obliged to give one and one tenth