Exploitation (according to the Cambridge Companion to Marx)

This is remarkably garbled writing. No surprise that the writer is a professional philosopher. The structure of the sentence suggests a comparison between two magnitudes measured in the same way, so when one reads "difference" and "time spent by a worker", one expects a comparison again measuring something in terms of how long it takes. Value in Marx is indeed closely related to that, but why would somebody reading this text as an intro to Marx know that?

The word value has many meanings. In the writing of Marx, when value is mentioned without any qualifiers, it usually refers to how long it takes to produce something. And the focus is almost never anecdotal, so when Marx says a capitalist does this, a worker does that, this or that product takes this or that amount of work, it's almost always not really about a particular person, but about what happens usually, what happens on average.

A commodity has direct use value, which are not abstract happiness points like what somebody who has only studied neoclassical economics might think, but a plain description of what the commodity is useful for due to its known physical properties. And a commodity has exchange value, the exchange ratios with other commodities, which strongly correlates with value (in Capital volume 3 this is modified due to a tendency of profit rate equalization between sectors with low and high capital intensity).

Commodities are bought for their use value. Commodities usually sell at value (roughly). Marx says it's not different with workers. So their payment has to do with what it takes to keep them alive. Their use value is their ability to work.

I have the entire Marx-Engels Werke in German. Would you mind giving an actually usable reference?

What the fuck? How can you read anything Marx has ever written and unironically come to this conclusion?

Value of labor power in Marxonese is what it takes to keep the workers alive and reproduce, so that's the one thing the philosopher is right about.

Well it actually is possible to pay wages that are less than the value of labor power. The same applies to other commodities too, since price and value are different. However, Marx is very clear that this is NOT what he means by exploitation. Exploitation is what happens when surplus value is created and expropriated.

It is possible to reduce the price and value of reproduction of labour below the generational price and below the daily reproduction. Truck wages are historically common. For an example below the daily reproduction read Primo Levi.

Actually that is correct. However you have to understand that the value of labor power is tied to the ability of the worker to reproduce himself. Surplus value is still created by the workers but it is different than the value of labor power.

that's where you fucked up

The author means the collected works of M&E, tome 20, page 130. It's chapter 8 of "Value, Price and Profit."

Can I have a source for that quote?

Cambridge Companion for Marx, Chapter 3