Question

Indicate whether the inputs below are Variable (V) or Fixed (F) in the short run. Input...

Indicate whether the inputs below are Variable (V) or Fixed (F) in the short run.

Input Output Fixed Variable
Computer chips in computers
Fuel in trucking
Lease in nail salon
Property tax for commercial Real Estate
License in medicine
Depreciation in Real Estate
Business   Economics   
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Answer #1

The various fixed inputs are:

  • Property tax in commercial real estate.
  • Liscense in medicine.
  • Depreciation in real estate.

The various variable inputs are:

  • Lease in nail salon.
  • Computer chips in computers.
  • Fuel in trucking.
  1. The fixed inputs are those inputs that remain fixed throughout the production process.
  2. The costs that they incur are also fixed and cannot be varied.
  3. The variable inputs are those inputs whose quantity can be varied in the production process.
  4. The costs they incur are not fixed and can be varied based on the firms decisions.
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