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Describe the production function with one variable input and explain the relationship between TPMP and AP curves and the three stages of production?
Wiki User
∙ 11y ago
there are three stages of production mp>ap
Wiki User
∙ 11y ago
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What is production function with one variable input?
The production function for a firm is the relationship between the quantities of inputs per time period and the maximum output that can be produced. It can be calculated for one or more than one variable factors of production. The one variable factor of production function corresponds to the short-run during which at least one factor of production is fixed .
What is meant by realize experience curve?
An experience curve is a graph that shows the relationship between cumulative production quantity and the production cost. It takes into account both variable and fixed costs.
At zero production what are variable costs?
At zero production variable cost will be zero because variable cost is the cost occured for producing a product but their will be some fixed cost.
What are the managerial uses of production functions?
In microeconomics, a production function asserts that the maximum output of a technologically-determined production process is a mathematical production of input factors of production. Considering the set of all technically feasible combinations of output and inputs, only the combinations encompassing a maximum output for a specified set of inputs would constitute the production function. Alternatively, a production function can be defined as the specification of the minimum input requirements needed to produce designated quantities of output, given available technology. It is usually presumed that unique production functions can be constructed for every production technology. By assuming that the maximum output technologically possible from a given set of inputs is achieved, economists using a production function in analysis are abstracting away from the engineering and managerial problems inherently associated with a particular production process. The engineering and managerial problems of technical efficiency are assumed to be solved, so that analysis can focus on the problems of allocative efficiency. The firm is assumed to be making allocative choices concerning how much of each input factor to use, given the price of the factor and the technological determinants represented by the production function. A decision frame, in which one or more inputs are held constant, may be used; for example, capital may be assumed to be fixed or constant in the short run, and only labour variable, while in the long run, both capital and labour factors are variable, but the production function itself remains fixed, while in the very long run, the firm may face even a choice of technologies, represented by various, possible production functions. The relationship of output to inputs is non-monetary, that is, a production function relates physical inputs to physical outputs, and prices and costs are not considered. But, the production function is not a full model of the production process: it deliberately abstracts away from essential and inherent aspects of physical production processes, including error, entropy or waste. Moreover, production functions do not ordinarily model the business processes, either, ignoring the role of management, of sunk cost investments and the relation of fixed overhead to variable costs. (For a primer on the fundamental elements of microeconomic production theory, see production theory basics). The primary purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors. Under certain assumptions, the production function can be used to derive a marginal product for each factor, which implies an ideal division of the income generated from output into an income due to each input factor of production.
Is maintenance on production equipment a fixed variable or mixed cost?
fixed and variable
What is production function with one variable input?
The production function for a firm is the relationship between the quantities of inputs per time period and the maximum output that can be produced. It can be calculated for one or more than one variable factors of production. The one variable factor of production function corresponds to the short-run during which at least one factor of production is fixed .
What is the function definition?
function is the relationship between independent variable & dependent variable i.e. F:R-R
Describe how you can tell by looking at the graph of a function with variable is the input variable and which is the output variable?
You cannot.
What is a value that is substituted for the independent variable in a relationship or function?
It is called the argument of the function.
What is the definition of functional?
function is the relationship between independent variable & dependent variable i.e. F:R-R
What shows the relationship between two variables?
A function expresses the relationship between two or more variables. A function can be expressed as a mathematical equation or as a graph. In general, a function expresses a the effect an independent variable has on the dependent variable..For example, in the classic linear function:y = mx + bx and y are the variables (m is said to be the slope, and b is the constant). This function expresses the mathematical relationship between the variables x and y. In this function, x is said to be the independent variable, and the function destines the y variable to be dependent upon the value of x.
The function N gives a relationship between the variables Player and Points?
"Player" is the independent variable, and "Points" is the dependent variable.
What is a nonlinear relationship?
In mathematics, when the dependent variable is not proportional to the independent variable. The function does not vary directly with the input. Example: y=sin (x).
When a firm's only variable input is labor then what does the slope of the production function measures?
marginal product of labor
What is a non linear relationship?
In mathematics, when the dependent variable is not proportional to the independent variable. The function does not vary directly with the input. Example: y=sin (x).
What is Non linear relationship?
In mathematics, when the dependent variable is not proportional to the independent variable. The function does not vary directly with the input. Example: y=sin (x).
Is the administrative salaries are the variable cost?
Administrative salaries has no relationship with production of product so it almost always remain same so it is a fixed cost not variable cost
