買四第張八第日八十月十年午戊糜
1979
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經濟
Eeonomics (6)
(六)
Factors of production (Cont'd)
T. He turns to factors of
production:
Land, capital, labour and entrepreneurship are the productive resources available to produce commodities.
They are the factor services provided the owners of factors of production, Payments are made to the owners of the
factors input in return for the services they render. These amount of payments are called factor incomes in economics.
Factor income refers to the payment which is paid by the producers for the employment of each.unit of factor service.
The factor incomes consist of four elements:
A. Rent is the payment to land.
B. Wages are the payment ta
•
labour.
C. Interest is the payment to
capital..
!)。 Profit is the payment to
entrepreneur.
A. Rent:
To the laymen, rent refers to price paid per unif of time for the services of some durable gonds such as the rent of a car, u flat, a television set, etc. Under.
the alone condition, the payment is called commercial rent.
: To the economiat,reit refers to the payment for the productive factor which ia,Tiod, in aupply.
because rent is the payment to land in production.
Land
is not only defined as the production site but it is also regarded as the natural resources involved in-
preduction which is fixed in- supply.
B. Wages:
Wages are the payment paid by the firm to the: akilled or unskilled, physical or mental labour for the effort they have made in production.
the
Time rate means that
to the period of: time they work for producing goods or services,
face are paid
Piece rate means that
the workers gre paid according to the amount of goods and services they have produced.
C. Interest:
Interest refers.
the payment paid hy the producer for the use of capital and it is the rate of return on the capital invested.
「廠器機冷夜
WAH KIU YAT PO
Since some of the money.
capital may be borrowed iron.
money lenders, interest is also regasded as the payment by a borrower for the use of a sum of money for a fixed period of time.
If the payment.is completely for the use of money it is called pure. interest.
Usually, interest.
is the payment for the risk involved in making loans. Profit:
郭日僑華
六期星
(m2~2(n) (n2+f2 )
日八十月一十年八七九一腦公年七十六圃民華中 ★教僑華
which is the required
condition.
Ans..
B. The supply of the factor. means the amount which is offered. as the reward is. varied. Because factors of. production would be attracted from other
Profit refers to the income accrues to the entrepreneur, it is the reward given for the performance of the managerialC. skill and the organization of the firm.。 In addition, profit also refers to the reward to the risk bearing and business decision making in
manufactoring unit.
the
Since entrepreneur is ∴one who organizes the other three factors of production, and supplies the capital of the firm, profit is the amount that remains after the rewards to all other factors of production。 II. Determination of rent:
wages, interest and profit
In market economy, the. prices.of productive factors are determined in the factor marketa through price.mechanism. In other words, the factor iicomes just like the prices of ather commodities, are determined by the interaction between demand and supply of the factors. A. The market demand of a
格洽購
大陸七
factor of production, for example, the wurket demand. of capital, is the
aggregation of the demand curves of the individual. firms.
The demand for factor production in an individual firm will depend upon:
a. the physical productivity
of the factor
If the productivity
of the factor input is improved, the demand for the factor would be increased, For instance, the productivity of u machinery can be improved: through technical
progress or managerial know-hows.
the price of the product which the firm is producing
: The demand for factor input would be increased resulting from the rise of the price of the goods. which is manufactoring. the prices of other factor services employed by, the Firm.
f The firm may employ several variable factors in short run production.
Factor iuput are wobile so.
that the price of ether
factors can influence the
price of the factor to some extent.
各理隆出具需
industries and occupation for example, the supply of work force, we should expect a higher price to expand supply
For the same taken y
more supply of land would be expected due to rise of rent, and, profit is the incentive which stimulate the entreprendur to: make much effort in production,
The prices of factors of production such as rent, wages, interest and profit are determined by the interaction of the market demand curve and the market supply curve of the factors of production as shown in the following diagram.
(rent, wages, interest or profit)
price of the factor of production:
Market demand S.
curve of
the factor
Market supply
curve of
the factor
Quantity demanded
and supplied
Product of roots of the new
quation =(p2+9
22
牌
()
the required new equation is
__(m2 -2x) (u2+12)
222
2x2 - (π2 -2lu ) (12 + l2
(m2-2nd)2 -0
ADS.
The given equation is
(p-1)x*+px+(p+1)=0
Since the roots are equal, we have
4(p=1)(p+1)=0.
of the factor
of production
3p-4-0
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-附加數學(六)
Add. Maths (6)
Solutions to Exercise
Given equation is
2.
Sum of roots-p+q
安
Product of roots'
Now, sum of roots of the
ew equation
-(p+q)2=2pq++-+-+
(p
(pq)a
(3_2ng3
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Given that p:q, and
·Qx2+mx+n=0,
Ans
the roots are kp and kg
where k is a constant.
Sum of roots =kp+kq-T
• (p+q){
Product of roots.
a(pk)(qk)号
2
pqk2="
Substituting, from1:
血
x(x+a)(k+a)+kx(x+a}×
k(k+a){xva)+kx(k+a):
(k+a)x2+akx+a^x+kx2+ak
kx+ak+akx+a_k+kxfakx
́ (2k+a)x2+
+(a
2-¿k2)x-ak2 +
Let x
he one
other must be
sum of roots.
2k+a
2k+a
kw
-3x+2
the
Ans
x2-3x+1=k(2x2-3x+2)
(1−2k)x^ ~(3~3k )x+(1–4k)
Since the zuots are real, we have.
(−(3-3k))2 -4(1— 2k) (1‐2k)>0
9-18k+9k2=4+16k-16k2≥0
7k2+2k-550 (7k-5)(k+1)<0
13
the expression must lie between -1 and 2 Ans (b−c)x2+(c—a)x+(a-b)=0
For real roots, we must have
(c-a) 2-4 (b-c) (u-b)
·2
=c+a →28c-4ab+4b+48c-4bc
=(a+c)-b(a+c)+4b2 =(a+c=2b)2
which is always
positive or zero.
the roots of the given
equation are real
#P[x2++++(z)?
2 + 4 x + ( 5 ) 2 + r~ ( 4 ) 2)
-p{(x+2)2, bprog2)
(
pam
又2(p+g)x
pqm* =fn(p+q)2
話第1 H Bat 四類
·which is the least value of
y when xm
塑膠
Anse
出
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