頁二第張八第二日一十月十年午戊饜复
1979
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(五)
Economics(5)
Factors of production
I
Factors of production
Since production is defined as any activity directed to satisfy human wants by manufacturing goods and services with the assistance of
available resources, the producers require a number of inputs in production, Fur example, for growing crops, cultivated land,
irrigation machinery and workers are needed.
The factor inputs involved in the
production process are termed factors of production in economics. They include all the productive resources in human economy.
Therefore, factors of production can be defined as all productive recources available to produce goods and services in order to satisfy human's wants.
There are four factors of production, namely, land, capital, labour and
Land and
entrepreneur.
capital are called the non-human factors where labour and the
entrepreneur are called human factors, The production units (the
individual enterprisings and firms could make full use of the factors of.. production by combining them in the more appropriate way so as to achieve the greatest output and maximize the profit.
Land:
Land refers not only
to the site where production activities can be carried out, but also the natural resources made "available from the nature. Therefore Land includes agricultural land industrial site, mineral resources,
forests,mountains, seas, grasslands and
Land is
Begarded as a
free
gift of nature because it is
provided for everyone in the society. Furthermore, land is also limited in supply.
2. Capital: Capital refers to
those man-made resources or capital goods which are
00000
POBOD
stage of production. Usually, the capital goods are not needed directly for immediate
consumption and they are used for "further stages of production
to make consumer goode directed to ie the hands of
consumers.
3. Labour: Labour refers to
all actual effort, mental and physical, skilled and
unskilled, applied to the production of goods and services and for which payment to labour is called wages.. Because labour is a human factor in production, the provision of labour. depends upon. population, mobility of labour and the social and
psychologrcal aspects of the workers.
Entrepreneur: Entrepreneur
is a human factor
separated from labour. Entrepreneurship refers to the organization ability and managerial skills in production. It is because the
entrepreneur have to combine and fully
utilize the other three factors of production in business decision
mekiug. In other words, the
may be
the indietro cats or
the managers in the
production unit. ·He of she has to make vital decisions of policy regarding the method
六期星
日一十月一十年八七九一曆公年七十六國民華中商教僑
fixed amount of land and. recording the resulting alternative outputs of wheat per unit of time.
The average product of labour (AP) is then
defined as total product (TP) divided by the number of units of labour used. The marginal product of
labour (MP1
PL! is given the change in TP per unit change in the quantity of labour used. In the table below land is measured in acres labour in man-years and total product (TP) in
bushels,
APL
(5)
(6)
(1):
(2)
Labour
(3)
TP
рает
"
12:
4.
17
16
13
after some point the
resulting increases in Su
output become smaller and smaller.
This law is propounded only on the assumption that the state of technology is given a risk that no new production. methods are introduced during any period in which the law applies.
III. The application of the law
of diminishing returns,
Land is subject to the law of diminishing returns.
Land is a factor which particularly suffered from the law of diminishing returns.If the certain quantity of the factor land is given, with the Tand the entrepreneur combines increasing quantity of land or capital It is found that sooner or later the addition of further quantities of. labour and capital would result in diminishing returns. As a result, the output per unit of the additional factors would be decreasing.
2. Other factors of
productions are also subject to the law of diminis
uishing returns.
Today, the theory of diminishing returns retricts not only land in production, but also the other productive factory such as labour, capital and entrepreneur. Because of the increasing scale of production, the losses in production would be more possible.
1979
中學會考試題預習專欄
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14
of production to be
13
employed and the quality
12
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of the output,
En addition to
̇附加數學(五)
receiving residual
profit, the entrepreneur
bears the risk of
production because the firm may have the chance to suffer los
II. The law of diminishing
returns.
Supposing that the production of a commodity require two factors of
production, land and labour,
If successive units of a Variable factor (one whose amount can vary) are added to a given quantity of s fixed factor (one whose "amount cannot be
more red),
the addition of and more units of the variable
Will in the factor will in the end lead to a decline in the additional output resulting from the addition of an extra unit of the variable factors.
For example, in the production of wheat we are using various alternative quantities of labour per unit of time to farm a
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"Labour (on: one acre
of land).
According to the diagram, the MP rises at first,
L reaches a maximum (before the AP reaches its
maximum) and then declines. The MP becomes zero when
the TP is maximum and
MP
en the TP
decline, The
ing position of the arrue illustrate the
law of diminishing returns The law of diminishing returns states that if one factor of production is increased. by small,. constant amounts, all other factor quantities being held constant,
then
·德國狼狗
10 12:42 (1466074:55 |
Add. Maths,(5)
Exercise 3:Quadratic Equations. Worked Examples.
1. Find the value of k go that
the equation ax-c- k+1-
k-1
will have equal but opporite
roots.
Solution:
ax-c k+1
bx k-1
(ax−c)=(k+1)(x2-bx)
xk+xbxk-bx-axk+ax+ck-c=0 {k+1}x ́
́~(ak+hk¬a+b}x+¢k~c=0 Let the root of this equation be p
then the other root-p sum of roots=p+(-p}
ak÷bk=a+b
•k+1° ak+bk=a+b k+1
k(a+b)-a+b
78+b
Ans
If p, q are the fonte of
the equation x2+1x+m=0;
find the equ
tion whose
roots are(p-q) and (p+q)2.
Solution:
狗狗
焼肉料
KEES
{}=+X[+ · Xx
Sum of roots
Product of roots.
па
Sum of roots of the new
equation=(p=q)*+(p+q)"
2
2
~p ~2pqrq (p+q)2.
= (p+q)2-4pq+(p+q)" =(~1)2-4(01)+(~1)2=212-4m
Product of roots of new equation
= (pq) 2 (p+q)2 -((p+q)2-4pq) (p+q)?
2
- {12-4m) ( 1 )2 -12 ( 12 -4m) the required equation -(sum of
of roots=0
22product
2
0
2
2 (12-4m)=0 −2 (12-2m)x+12 (12-4m)
Ans.
J. Prove that the expression
must lie. between
two numbers for real values of x. Solution:
Let
9-xa
2
kx2
then kx-5kx+9k-x.
i.e.
x2 - (5k+1)x+9k=0.
Since x is real, we have discriminant>0,
the
2
-4(k) (9k)>0
(~(5k+1)) -
25k +10k+1−j6k >0
11k-10k-KÜ (11k+1) (k−1)20
sk$1
expression lies
between -- and 1.-
Exercise
Ans
1. If p, qare the roots of
the equation x +mx+n
find the equation whose
and P
roots ake p+q
2
2. Find the values of p so that
the roots of the equation
2
px+px*x -p-1 are equal.
3. For the quadratic equation
#2
1x+mx+n-0, find the condition that its roots should be in the ratio p:q.
For what values of k will the equation
11
k'k+a. x x+a
have its roots
equal in magnitude but opposite in sign?
5. If x is real, proge that the expression (x −3x+1) (2x2-3x+2)TM must lie between two numbers.
6. Prove that, if
b and c
are real, the roots of the equation
(b−c)x +(c–a)x+(a−b)=0 are also real.
7. Given that _y=px"+qx+r and that p is positive, prove
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that the least value of
yis
2
4pr-q
4p
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