Tag - Explain

Explain in brief, the factors affecting productivity of resources. Or What are the factors which affect the productivity of resources ?

Ans. Productivity is the result of a variety of interdependent and interrelated factors. It is very difficult to measure the effect of any one factor separately. Some of the factors which exert profound effect on the. level of productivity are given as follows- (i) Natural [...]

Explain the main contributors to productivity improvement. Or Write short note on ‘improving productivity’.

Ans. The main contributors to productivity improvement are as follows - (i) Proper Planning and Scheduling - It help to utilizes men, machines and materials to increase productivity. (ii) Measurement Skill- Good supervision and management avoids production inefficiency and inefficient purchasing, maintenance and incorrect specifications for [...]

Explain the types of productivity measurement.

Ans. There are the following types of productivity measurement- (i) Direct Cost Productivity- All the items of direct cost associated with resources are aggregated on a monetary value basis. (ii) Energy Productivity - Only the amount of energy consumed is considered as the resource. All the [...]

What factors affect the productivity of labour? Explain the significance of productivity in India.

Ans- Factors Affecting Productivity of Labour- Following factors influence the productivity of labour- (i) Racial Qualities- Racial blood of a worker is said to influence his efficiency. For example, workers from Punjab and Haryana can do any kind of physical work efficiently and are hard [...]

What is meant by productivity of resources ? Explain the importance of productivity in India.

Ans. Productivity is nothing but the reduction in wastage of resources. It may be defined as the ratio between output and input. Output means the amount produced or the number of items produced and inputs are the various resources employed, e.g., land and building, [...]

What is a production system ? Explain. Or What do you understand by production system ? Give a diagram of simplified production system.

Ans. Production system is a part of big system i.e., organization/ business firm. It is the system works as a skeleton of activities by' which creation of any activity can occur. There are two ends in a production system, at one end of the [...]

“Since production is a process of converting input into a more valuable output, there always exists some form of relationship between the output and its inputs.” Explain.

Ans. Production can be referred as a set of processes or procedures developed to transform a set of input elements like men, materials, machines and money into a specified set of outputs to achieve the organizational objectives. In order to minimize the cost of production, [...]

Explain the importance of input-output analysis in productivity.

Ans. Main features of input-output analysis are given as follows (i) Input-output analysis deals with the problem of purely technological nature viz., production. The main objective of the analysis is to find the nature of output-mix, quantity of each final product in the output-mix and the quantity of [...]

Explain the properties of Cobb-Douglas production function.

Ans. Cobb-Douglas production function contains the following useful properties- (i) The returns to scale is measured by the sum of exponents of Cobb-Douglas production function i.e., a + b If a + b = 1, returns to scale are constant. If a + b > 1, returns to scale [...]

Explain the concept of theory of production functions. Or Discuss the factors and the theory of production function.

Ans. In the traditional economic theory, four factors of production are recognized - (i) Land (ii)_ Labour (iii) Capital (iv) Organization or management. Technology also contributes to output growth and it is now regarded as an additional determinant of output. Hence, the outpi.lt of an industry is a [...]

What is linear (homogeneous) production function ? Explain in brief.

Ans. The simplest form of linear production is Q =α K + β L. Here, 'Q' shows the output. The contribution of capital (K) to output equals 'a' and contribution of labour (L) to output equals ' β '. Generally, this simple form of [...]

Explain the methods to representing a break-even point.

Ans. There are two methods to representing a break-even point - (1) Graphical method (break-even charts) (ii) Algebraic method. (i) Graphical Method (Break-even Charts)- Break-even chart shows the extent of profit or loss to the firm at different levels of activity. Therefore, it is very useful in [...]