--%>
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 : States the term Shift in Demand States

    States the term Shift in Demand?

    		•
  • Q : Illustrates definition and meaning of

    Illustrates the definition and meaning of managerial economics?

    		•
  • Q : States the Wealth Definition in

    States the Wealth Definition in economics?

    		•
  • Q : Increases in demand for a resource The

    The demand for a resource would increase while the: (w) price of which resource decreases. (x) price of a substitute resource decreases. (y) consumer demand for products decreases. (z) price of a complementary resource decreases.

    		•
  • Q : What is Oligopoly What is Oligopoly?

    What is Oligopoly? Explain in brief.

    		•
  • Q : Illustration of specific training The

    The knowledge gained while an Apple employee learns a specialized technique on an iPod assembly line is an illustration of: (w) comparative technological advantage. (x) specific training. (y) on-the-job leveraging. (z) general training.

    Q : Tutorial 7. The San Diego Zoo is

    7. The San Diego Zoo is contemplating a stuffed panda bear advertising promotion. Annualized sales data from local shops marketing the "Can't Bear it When You're Away" bear indicate that: Q = 50,000 - 1,000P where Q is Panda bear sales and P is price. A. How many pandas could the zoo sell at $30

    		•
  • Q : Profit Maximization with Marginal

    All profit-maximizing firms will hire further labor up to the point where is the: (w) average physical product of labor equals the nominal wage. (x) last unit of labor adds equally to total revenue and total cost. (y) marginal product of labor is at i

    		•
  • Q : Legal incidence of tax burdens The firm

    The firm or individual responsible for paying a specified tax to the government bears: (w) stigma of being a tax evader when it is completely forward shifted. (x) full tax burden only when the tax is backward shifted. (y) legal incidence of the tax. (z) reduction in p

    		•
  • Q : Negatively sloped over wage ranges The

    The supply curve of the labor is negatively sloped over wage ranges where the: (1) the demand for leisure rises along with income. (2) leisure is an inferior good. (3) people offer more hours of labor at higher wages. (4) some people

    		•