The demand of a factor of production is ?->(Show Answer!)

1. The demand of a factor of production is

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MCQ-> A distinction should be made between work and occupation. Work implies necessity; it is something that must be done as contributing to the means of life in general and to one.s own subsistence in particular. Occupation absorbs time and energy so long as we choose to give them; it demands constant initiative, and it is its own reward. For the average person the element of necessity in work is valuable, for he is saved the mental stress involved in devising outlets for his energy. Work has for him obvious utility, and it bring the satisfaction of tangible rewards. Where as occupation is an end in itself, and we therefore demand that it shall be agreeable, work is usually the means to other ends . ends which present themselves to the mind as sufficiently important to compensate for any disagreeableness in the means. There are forms of work, of course, which since external compulsion is reduced to a minimum, are hardly to be differentiated from occupation. The artist, the imaginative writer, the scientist, the social worker, for instance, find their pleasure in the constant spontaneous exercise o creative energy and the essential reward of their work is in the doing of it. In all work performed by a suitable agent there must be a pleasurable element, and the greater the amount of pleasure that can be associated with work, the better. But for most people the pleasure of occupation needs the addition of the necessity provided in work. It is better for them to follow a path of employment marked out for them than to have to find their own.When, therefore, we look ahead to the situation likely to be produced by the continued rapid extension of machine production, we should think not so much about providing occupation for leisure as about limiting the amount of leisure to that which can be profitably usedWe shall have to put the emphasis on the work . providing rather than the goods. providing aspect of the economic process. In the earlier and more ruthless days of capitalism the duty of the economic system to provide work was overlooked The purpose of competitive enterprise was to realize a profit. When profit ceased or was curtailed, production also ceased or was curtailed Thus the workers, who were regarded as units of labour forming part of the costs of production, were taken on when required and dismissed when not required They hardly thought of demanding work as a right. And so long as British manufacturers had their eyes mainly on the markets awaiting them abroad, they could conveniently neglect the fact that since workers are also consumers, unemployment at home means loss of trade. Moral considerations did not yet find a substitute in ordinary business prudence. The labour movements arose largely as a revolt against the conception of workers as commodities to be bought and sold without regard to their needs as human beings. In a socialist system it is assumed that they will be treated with genuine consideration, for, the making of profit not being essential, central planning will not only adjust the factors of production to the best advantage but will secure regularity of employment. But has the socialist thought about what he would do if owing to technological advance, the amount of human labour were catastrophically reduced? So far as I know, he has no plan beyond drastically lining the hours of work, and sharing out as much work as there may be. And, of course, he would grant monetary relief to those who were actually unemployed But has he considered what would be the moral effect of life imagined as possible in the highly mechanized state of future? Has he thought of the possibility of bands of unemployed and under-employed workers marching on the capital to demand not income (which they will have but work?Future, according to the passage, may find the workers
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MCQ-> Directions for the following two questions:Mr. David manufactures and sells a single product at a fixed price in a niche market. The selling price of each unit is Rs. 30. On the other hand, the cost, in rupees, of producing x units is $$240 + bx + cx^2$$ , where b and c are some constants. Mr. David noticed that doubling the daily production from 20 to 40 units increases the daily production cost by 66.67%. However, an increase in daily production from 40 to 60 units results in an increase of only 50% in the daily production cost. Assume that demand is unlimited and that Mr. David can sell as much as he can produce. His objective is to maximize the profit.How many units should Mr. David produce daily?
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MCQ-> Read the following discussion/passage and provide an appropriate answer for the questions that follow. Of the several features of the Toyota Production System that have been widely studied, most important is the mode of governance of the shop - floor at Toyota. Work and inter - relations between workers are highly scripted in extremely detailed ‘operating procedures’ that have to be followed rigidly, without any deviation at Toyota. Despite such rule - bound rigidity, however, Toyota does not become a ‘command - control system’. It is able to retain the character of a learning organizationIn fact, many observers characterize it as a community of scientists carrying out several small experiments simultaneously. The design of the operating procedure is the key. Every principal must find an expression in the operating procedure – that is how it has an effect in the domain of action. Workers on the shop - floor, often in teams, design the ‘operating procedure’ jointly with the supervisor through a series of hypothesis that are proposed and validated or refuted through experiments in action. The rigid and detailed ‘operating procedure’ specification throws up problems of the very minute kind; while its resolution leads to a reframing of the procedure and specifications. This inter - temporal change (or flexibility) of the specification (or operating procedure) is done at the lowest level of the organization; i.e. closest to the site of action. One implication of this arrangement is that system design can no longer be rationally optimal and standardized across the organization. It is quite common to find different work norms in contiguous assembly lines, because each might have faced a different set of problems and devised different counter - measures to tackle it. Design of the coordinating process that essentially imposes the discipline that is required in large - scale complex manufacturing systems is therefore customized to variations in man - machine context of the site of action. It evolves through numerous points of negotiation throughout the organization. It implies then that the higher levels of the hierarchy do not exercise the power of the fiat in setting work rules, for such work rules are no longer a standard set across the whole organization. It might be interesting to go through the basic Toyota philosophy that underlines its system designing practices. The notion of the ideal production system in Toyota embraces the following -‘the ability to deliver just - in - time (or on demand) a customer order in the exact specification demanded, in a batch size of one (and hence an infinite proliferation of variants, models and specifications), defect - free, without wastage of material, labour, energy or motion in a safe and (physically and emotionally) fulfilling production environment’. It did not embrace the concept of a standardized product that can be cheap by giving up variations. Preserving consumption variety was seen, in fact, as one mode of serving society. It is interesting to note that the articulation of the Toyota philosophy was made around roughly the same time that the Fordist system was establishing itself in the US automotive industry. What can be best defended as the asset which Toyota model of production leverages to give the vast range of models in a defect - free fashion?
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