Illustrates the fixed and variable inputs in economics
Illustrates the fixed and variable inputs in economics?
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In economic sense, a fixed input is one that supply is inelastic in the short run. Thus, all of its users can’t buy more of it in short run. Theoretically, all its users cannot utilize more of this in the short run. When one user buys more of this, some other users will find less of this. A variable input is explained as one whose supply within the short run is elastic, for example: Labour and raw materials.
All the users of these factors can make use of larger quantity in the short run. As in technical sense, a fixed input keeps fixed as constant up to an exact level of output while a variable input changes with change in output. A firm consist of two types of production function as follows:
1. Shot run production function and
2. Long run production function
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When the wage rate price of $13, in that case this firm would hire slightly fewer than: (i) 600 workers. (ii) 700 workers. (iii) 800 workers. (iv) 900 workers (v) 1000 workers. Q : Income effect of a wage increasing When When the income effect of a wage increase is more powerful in that case the substitution effect, the: (1) labor supply curve will be “backward bending.” (2) unemployment rate will rise since more people will be available for work. (3) valu
When the income effect of a wage increase is more powerful in that case the substitution effect, the: (1) labor supply curve will be “backward bending.” (2) unemployment rate will rise since more people will be available for work. (3) valu
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