--%>
Assignment Help - homework help

Illustrates the fixed and variable inputs in economics

Illustrates the fixed and variable inputs in economics?

E

Expert

Verified

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

   Related Questions in Managerial Economics

  • Q : Illustrates the Forward Planning in

    Does managerial economic as a tool for Forward Planning? Explain this term briefly.

    		•
  • Q : Income effect of a change in wage rates

    When comparing such labor supplies in this illustrated figure, this is clear that the income effect of a change within wage rates is: (w) positive for Morgan and negative for Chandra. (x) more powerful than the substi

    		•
  • Q : Household Assets and the Supply of Labor

    The most valuable assets of many households are the household’s: (1) money and jewelry. (2) homes and real estate. (3) human capital and labor. (4) stocks and bonds. (5) bank accounts. How can I solve my Economics

  • Q : Occupational Crowding in Wage

    Disadvantaged groups have historically been pressured toward low wage jobs in a procedure termed as: (1) occupational crowding. (2) labor staggering. (3) systemic discrimination. (4) reverse favoritism. (5) nepotism.

    Q : Illustrates the term long run

    Illustrates the term long run production function?

    		•
  • Q : Most exceed the wages or specific

    Firms tend to offer wages which most greatly exceed the wages which workers would earn elsewhere to workers who have: (1) profit-sharing plans. (2) specific training. (3) prenuptial agreements. (4) non-compete clauses in their work contracts. (5) general training.

    		•
  • Q : Increases in labor force participation

    When this purely competitive labor market is primarily in equilibrium at D0L, S0L, a move to equilibrium at D0L, S1L would be probably to follow from increases in: (w) rates of technological advance. (x) the cost of living. (y) labor force participati

    		•
  • Q : Which term not used to calculate

    The entire given can be used to calculate average profit except: w) marginal profit minus marginal cost. x) total profit divided by quantity. y) average revenue minus average total cost. z) price minus average total cost.

  • Q : Charging the competitive price in the

    An apparent monopoly might charge the competitive price in the long run when: (w) exit is costly. (x) entry and exit are relatively costless. (y) this is not a natural monopoly. (z) this is not regulated.

    Q : Define the term full cost concept

    Define the term full cost concept.

    		•