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Law of variable proportion and law of returns to scale?
Under Law of variable proportion: only one variable input varies all other variable kept constant. Under Law of Return to Scale: All the variable inputs varies except the enterprise. Law of variable proportion is for short period; law of return to scale is for long period. Law of variable proportion shows the relationship if one variable input increase (eg: Labour) by keeping all other variable constant; total product and marginal product increase upto a certain point after that it will increase at a diminishing rate. it shows in three stage first increase then constant and then decrease. Law of return to scale shows the relationship between inputs and output at three different stages: 1. output increase more than inputs, 2. output and input are constant, 3. output is less than proportionate input.
What key assumptions underlie the law of variable proportions in microeconomics?
The law of variable proportions, also known as the law of diminishing returns, is based on several key assumptions: first, that the production process involves at least one fixed input and one variable input; second, that the technology used in the production remains constant; and third, that inputs can be combined in varying proportions to produce different levels of output. Additionally, it assumes that the quality of the variable input remains unchanged while increasing the quantity of that input. These assumptions help explain how output changes as the quantity of a variable input is varied while keeping other inputs constant.
What is the difference between variable proportions and returns to scale?
what is relationship between change in input and output. In the return's to scale (long term concept) all the factor are variable but in the variable proportions are some factor variable and some factors are fixed.
What does Diminishing marginal product mean?
Diminishing marginal product refers to the principle that as more units of a variable input (like labor) are added to a fixed amount of another input (like capital or land), the additional output generated by each new unit of input will eventually decrease. Initially, adding more workers can lead to increased productivity, but after a certain point, each additional worker contributes less to overall output than the previous one. This concept is crucial in understanding production efficiency and resource allocation in economics.
What does mariginal revenue product refer to?
Marginal revenue product (MRP) refers to the additional revenue generated by employing one more unit of a factor of production, such as labor or capital, while holding other inputs constant. It is calculated by multiplying the marginal product of that input (the extra output produced) by the price at which the output is sold. MRP is an important concept in economics as it helps businesses determine the optimal level of resource allocation for maximizing profits. When the MRP of an input exceeds its cost, it is typically advantageous for firms to hire or invest in that input.
What is the input variable called in algebra?
the input variable is called the independent variable and the output variable is called the dependent variable.
How does a change in the value of an input variable affect the value of an output variable?
The change in the input value is equalto the change in the output value.
What is the production function with one variable input?
The production function with one variable input describes the relationship between the quantity of a single input, typically labor, and the amount of output produced. It can be represented mathematically as ( Q = f(L) ), where ( Q ) is the quantity of output and ( L ) is the quantity of the variable input. This function often exhibits diminishing marginal returns, meaning that as more of the variable input is added while keeping other inputs constant, the additional output generated from each additional unit of input eventually decreases. This concept helps firms optimize their resource allocation and production levels.
Is Y the input in the line graph?
Usually x (independent) variable is the input and y (dependent variable) is the output.
Is X the input in the line graph?
Usually x (independent) variable is the input and y (dependent variable) is the output.
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.
The input variable is called the what variable?
The independent variable. The output variable is dependent on this variable's value and so is called the dependent variable.
Do the dependent variable act as the input of a function and the independent variable act as the output of the function?
No.
What is printing out and inputting variable in C programming?
input and output
What is another mathematical term for output?
Another mathematical term for output is "dependent variable." In the context of functions, the output is the result produced by applying a function to an input, typically denoted as ( f(x) ). The dependent variable changes in response to variations in the independent variable or input.
What algebraic expression describes the output pattern if the input is the variable x?
The output pattern can be described by an algebraic expression that relates the variable x to its output through a specific operation, such as addition, multiplication, or exponentiation. For instance, if the output is twice the input, the expression would be (2x). If the output is the input squared, it would be (x^2). The specific expression depends on the pattern observed in the input-output relationship.
A hazard true or false the national income is the nations input-and the value of the income generated by the production of that input?
It is false. ... .of yhe value of the nation`s output and the value of the income generated bybthe production of that output.
