Firms and production - Production function - short run
7 important questions on Firms and production - Production function - short run
What is the production function in short run production?
- Describes short-run production with one variable and one fixed output.
- Maximum output from input: \( q \).
- Inputs: Labour (\( L \)), Capital (\( K \)).
- Function: \( q = f(L, K) \).
- Assumes no waste, reflects maximum potential output.
What is meant by the flexibility of inputs in economic terms?
- Variable input: Can be changed quickly.
- Fixed input: Cannot be quickly changed.
- Short run (SR): At least one input is fixed.
- Long run (LR): All inputs are variable.
What is short run (SR) production in terms of input variables?
- Short run (SR) production involves one variable input and one fixed input.
- Typically, capital (K) is assumed to be fixed in this context, and labor (L) is variable.
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What is an example of input flexibility in a dairy farm?
- Staff number: Can change quickly in SR.
- Land input: Fixed in SR.
- Land availability: Can increase over LR.
What is the definition and formula for the Average Product of Labor (APL)?
- Definition: Ratio of output to the amount of labor employed.
- Formula: \( APL = \frac{q}{L} \)
- - \( q \): Output
- - \( L \): Amount of labor employed
How is the total product of labor (TPL) defined in SR production?
- Total product of labor is defined as q = f(L, K).
- Represents total output produced with given labor L, holding capital K constant.
What is the marginal product of labor (MPL) and how is it derived?
- Marginal product of labor (MPL) is calculated as \( \frac{\partial q}{\partial L} = \frac{\partial f(L,K)}{\partial L} \).
- Indicates additional output from an additional unit of labor, ceteris paribus.
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