1983-10-22 — Page 24

which payment to Taliuuris called

is a human factor in production, the.

wages. Because labour

頁四第六第

日七十月九年亥癸應夏

WAH KIU YAT PO

TP, AP, MP

1984

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ECONOMICS: (5)

K.K. VONG & L.T. CHAN

MALL & DALE PRESS ITH.

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,

producers require, a number of inputs in production. For

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 resources. available to produce goods and services în order to satisfy

humants

wants.

There are four factors of production namely, land capital labour and

entrepreneur, Land and 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

t

way so as to achieve the greatest output. and maximize the profit.

Land:

Land refers not only to the site vhere production activities can be carried out, but also the natural resources made ta available from the nature. Therefore land includes agricultural lond industrial site, mineral resources, forests, mountains, seas, grasslands and climate, land is often regarded as a free gift of nature because it is provided: for everyone in the suciety. Puncheras De land is also dirited in supply.

Capital:

Capital refers to those pan-cade resources or capital goods which are

employed in every stage of production.. Usually, the capital goods are not needed directly for immediate consumption and they are used for further stage of production make consumer goods directed to the band's of consumers.

2. Labour:

to

Labour refers to all actual effort, mental and physical,

skilled and unskilled applied to the

production of goods and services and. For

provision of labour

depends upon

population, mobility

the

of labour and

social and.

psychological aspec

of the workers.

4. 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

productioning business decision making. In other words, the

entrepren ur máy b the industrialists or the navagers in the production unit. He or she has to make. vital decisions of

policy regarding the method of production to be employed and the quality of the output. In addition to receiving residual profit, the entre- preneur bears the risk of production because the firm may have the chance to suffer foss.

II.The law of diuinishing

returns,

Supposing that the production of commodity require two factors of production, land and labour. If successive units of variable factor (one wliose amount. can vary) are added to a riven quantity of a fixed factor (one wiruse amount cannot be altered), the addition of more and more units of the variable 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 fixed amount of land and recording the

resulting alternati ve outputs of wheat per unit of time.

The average product of labour (AP!..

Tis

then defined as total product (TP) divided by the number of units of labour used. The marginal product of Tabour (MP ) is given by the change in the TP per unit change in the quantity of labour used. In the table below, and is measured in acres.

labour in

man-years

and total product (TP). in bushels.

1

Land Labour

TP AP

MP

L

༠

0

U

3

3

8

h

12

4

4

151

3

17.

الا الله

報日僑華

APL

8- Labour:

·Lon one -acre of

MPL

According to the diagram," the MP, rises

at first, reaches a naxinum (before the

L

A reaches its

maximum) and then declines, The Mp

becomes zero when the TP is maximum, and negative when the TP begins to decline. The following position of the Marrue illustrate the law of diminishing returns.

The law of diminishing returns states that if one. factor of production is increased by suali constant amounts, all other factor

quantities being held constant, then after some point the resulting increases in output. become. smaller and smaller.

This law is propounded only on the assumption that the state of technology is given and that no new

production methods are introduced during any period in which the. low applies.

III.The application of

the law of diminish- ing returns:

Band is subject tr the law of diminish-

Bột returus,

and is a "fjetor' which particularly suffered from the law of diminishing returns. If the certain quantity of the factor land is giveny with the land 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

ouvjint per unit of the additional Tactors would be, decreasing.

Other factors of productions are also subject to the law of diminishing returns,

Today, the theory

of diminishing returns restricts not only and in

production, but also the other productive factors such as labour, capital and entrepreneur. Because

of the increasing

scale of production.

the losses in

production would be:

mure possible.

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5. F. KO

MILL & DALE PRESS LTD.

Exercise 5: Co-ordinate

Geometry

Worked examples:

1. Given that A(2,

·六期星

H(7,5) and C(0,-2)

and AB, AC are divided internally at E and F

such that AE÷EB÷AF÷FC. -3:2

(1) Find the co-

ordinates of E

F

(ii)Prove that EP is

BC.

-B(5)

Solution:

parallel to

-3-2

\A(2,3)

6.-23.

Tet 1

and be

AE AF EB

2 + 7 ( 3 )

4421

Then

345(3) 1 1/2

Similarly

6+15

(Ans.)

F(2, 0)

21-0

of EF

7-6

Slope of RC-5-(-2), EF//BC

(Aus.)

Given that the line; 1:x+3y=1 and the circle,

c: x2+y^ -3x-3y+2=0_ (a)Show that touches c. (b)Find the co-ordinates

of the point of contact..

(c)Prove, by calculation,

that the point

P(3,2,5) les

the circle.

tside

(d)Calculate the length

of the tangent drawn to the circle from P.

Solution

(a)

.

centre=(}, })

radius= }({})2 + (}} )2

10

Now if touches C, then distance from centre to must be equal to the radius,

Distance-

({})+3().

=radius touches c

(Ans.) then

(b)Since touch

(1−3y)2+y −3{1~3y)-3

-3y+2=0.

centre

-PO

contacte(1,0)

(ans.

P: $25

(1.5-5)2 + (1.5–1 5.25

1.8 but radius r.√10

PQ > r

=1.58

.P(5,2.5) lies outside the circle. (Ans.)

日二廿月十年三八九一曆公年二十七國民華中教僑華

(d)PN=length of tangent

=0.806

Exercise 3

Find the equation of the circle which passes through the points A(5,-3) and B(0,0), and whose centre lies on the line 2x-3v−6=0},

Given that P(4 and the line, }:4y-3x-2=0

1 is joined to any point: )) on Z and Po is produced beyond to so that Po:PR=" 1.5. Find the equation of the locus of R as

U moves.

The sides AB, BC, CA of a triangle ABC, lie along the line 2x+3y=0, y-2x=0 and

Find the co-ordinates of the orthocentre.

rial Lenge Fran

? ༦༥ • ༣༤

anted Franges, and

Germany neked down food But thred a' din Fomatic' ale fejuruan Tilthe Bosnian melaiset 1MD8-99 and the Bm (kon Vers of 191-17, Jusiria used an

sixy palidy in the

Da

Shayajust. Serbia,

stood helt rind, skrbian, but formány supported Austrfir. on both orcasions, Austria succeeded in silencing Akebia um hrssin,

None of these crises Led bola Mer thetween two great powers, but their Icornfuloffrets on the relations between the #roat phwere pust nut he

thing, Tranço- relations.

For one.

4x+5y-7-0 respectively, under

exten

Find the equation the normal to the

2: parabola x=4ay at the point A(2a, a) on it. If this normal cuts the parabola again in 3, find the co-ordinates of B.' Find the angle subtended at the origin, by AÐ.

5. Given that the line

y-t=m(x-s) and

222. the circle. ex +Ꭹ. Show that

212.2

( s2-r2)m

)m-2stm+ t

if touches é.

Find the values of so that the line

y-4-m(x-7)

touches the circle

22

xy 40,

and find the equations of the tangents from (7,4) to the circle.

歷史 (F)

although the bad

relata dus

1871 and "arted since

the 1900s. We

say that European history from 1871 to 1945

can

ww frently shaped by the hostility between Germany and France, which contributed to the out- break of botji the First and-Second World Wars.

How did the Bosnian. Crisis and the Balkan Mars affect the policies

of Serbia

Serbía did not

Vin 1914.

yield to Austria's ultimatum “after the Sarajevo -assassination completely, and Russia latør decided on a

forceful “policy"," mobilizatim against both fermany and Austria, All this could be explained by the setback that Serbia and Russia suffered in the Bosnian Crisis and the Balkan. Ware By 1914, the two countries were determ. mined not to show t

明德出版社胡應亮 提供資料 weakness in any crisis

PHILIP YI VOD

MILI & DALE PRESS. I TO

In the previous twó

issues, you learnt about the major international crises that nearly Ted to a world war from about 1900 to 1915, and then you learnt about that international crisis that really led to the Firs Forli kar in the sumei

of 1914. Revise the facts and ideas again.

with them first.

Then read the following questión sand decide for

question. It is not to look at the nndel answer provided bet The question. Think firet, The - qresidomi ILOT AN, DASy one" toʻ answer, so don't feel. upset if you have no

deas in punt. As pointed ont, in the first issue of this column training of thig Wind, is very important, but have to. Tedên how to selcer rolowany fiets and for inelusään By

ip

ional

ku. Eurense 1-1900_. 1914, #bere were a number.

Rifat Mum

Malmond. Manoscan Crisos

and the Balkan Wars of 1992-17. In the

two wècan grises,

that involved Germany.

and Austrias

Germany tuo was:

determined to use à

strong policy by 19.14.

The reason

had suffere that stre

a diplomatic defeat in the two Moroccan Crises. Cona sequently, she decided fo assert Germany's power in any future crisis. This helped explain Gérmany's decision to make war on both France and Russia in 19thy a step that Turned the Foca) Sarajevo crisis into a major war between the great powers Indeed, throughout The crises in 1900–1914, Germany felt, klinto Defining France" and Pied were acting

against her Together: The fear of being enrirrled by enemies on all sides nude fiermany decide on a war policy. in 1915. This also explained the support that many grave Austria in the Bosnian Crisis of 1908, the Pakan wars of .1912–13, and most

importantly, in the summer of 1912 as it happened, the "blank cliegue" or 1915 made Austria nore, confident to start.a war against

mallu conelusion, the crises in 1909-1914.

increased tension and. distrust between Germany and. Austria ou the one hand and Britain, France and Bussia on the otdier. To any ways, these crises explained the steps taken by the se great powers, in the summer of 1914. It was these steps that Led my to the outbreak of the First Vorldar.