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   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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.
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The difference between short run and long run in microeconomics is whether there is a ________...
The difference between short run and long run in microeconomics is whether there is a ________ cost or not. The ______ inputs are inputs whose quantities do change over the quantity of output produced. Fixed: Variable Variable: Variable Variable: Fixed Fixed: Fixed
In the​ short-run, we assume that capital is a fixed input and labor is a variable​...
In the​ short-run, we assume that capital is a fixed input and labor is a variable​ input, so the firm can increase output only by increasing the amount of labor it uses. In the​ short-run, the​ firm's production function is q = f(L, K)​, where q is​ output, L is​ workers, and K is the fixed number of units of capital. A specific equation for the production function is given​ by: q = 8LK + 5L2 − 13L3 or​ ,...
true or false? 22) By definition, in the typical firm's short-run production function all inputs are...
true or false? 22) By definition, in the typical firm's short-run production function all inputs are fixed in amount. Answer: 23) The law of diminishing returns is a result of the fact that more and more units of a variable input are being added to a fixed input. Because of the limitations imposed by the fixed input, at some point the productivity of additional units of the variable input must decline. Answer: 24) So long as marginal cost is greater...
In the case of a short-run production function: A) all of the inputs are variable. B)...
In the case of a short-run production function: A) all of the inputs are variable. B) the amount of labor employed is held constant. C) at least one of the inputs is fixed. D) all of the inputs are fixed. Answer: 2) X-inefficiency refers to the situation in which: A) highly competitive firms have less incentive to minimize their costs of production than other firms because the highly competitive firms have almost no chance to earn above-average profits. B) firms...
ECON 2106 1.   Short run marginal costs rise because of (a)        rising prices of variable inputs             ...
ECON 2106 1.   Short run marginal costs rise because of (a)        rising prices of variable inputs              (b)        declining productivity of fixed factors of production (c)        diminishing marginal productivity of variable inputs      (d)        reduced incentives to work in large plants 2.   When average total cost is declining as output increases, marginal cost must be (a)        declining                                  (c)        above average total cost (b)        below average total cost            (d)        rising 3. Total cost is $30 at 10 units of output and $32 at...
Which of the following is most likely to be a variable cost for a manufacturer?     A....
Which of the following is most likely to be a variable cost for a manufacturer?     A. energy costs.                                                                  C. rental payments on computer equipment.     B. interest payments on business loans.                             D. real estate taxes. 3. If a firm’s accounting profit is positive,     A. its economic profit will also be positive.     B. its economic profit will be positive if the accounting profit exceeds implicit costs.            C. its revenues cover both explicit and implicit costs. 4. Economic profit can be best defined as:     A....
1- - As a firm expands by adding more of the variable input to fixed inputs,...
1- - As a firm expands by adding more of the variable input to fixed inputs, it experiences: a) constant returns, diminishing returns, increasing returns b) diminishing returns, constant returns, increasing returns c) increasing returns, constant returns, diminishing returns d) diminishing returns, increasing returns, constant returns 2- The Production Function is: a) a curve concave to the origin b) an upside down parabola c) A straight line sloping upward d) An "S" curve 3- The production function shows : a)...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT