Heard a very interesting application of the Marginal Utility Of Value [Chapt 1 of JC Econs] vs Labor Theory of Value today.

Have you ever said something like: " I worked so hard how come my results are not as good?"
I admit that I say that quite often. But today an Economics Lecturer told us that
Value of Product is determined upon Utility (as learn in Marginal Utility of Value)
Hence the value of your results is actually dependent on the Utility of the Marker when they mark it and not how hard you worked.

If you said that sentence above, you are actually repeating a mistake that Adam Smith(for some of you who don't know, he is a great Classical Economist in the 18th century, Teacher of the person who created Say's Law).
He said that Value of Product is determined by labour.
This is exactly what you are saying in that sentence, you are saying you put in so many hours of labour but the value of the product(results) is not as high.
But, in the 19th Century, another Economist already proved that this is wrong, thats why in JC year 1 Economics we learn that it is equal to Utility.

So next time before you get angry and sad because you didn't get the results you want, be aware that it doesn't matter how hard you work, it depends on whether you are exam smart!