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Author Question: Define the terms production and production function. Differentiate between the short run and the ... (Read 128 times)

faduma

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on: Jun 29, 2018
Define the terms production and production function. Differentiate between the short run and the long run based on the usage of inputs by a firm.
 
  What will be an ideal response?

Question 2

The use of money adds to wealth because it tends to increase people's
 
  A) options.
  B) risks.
  C) costs.
  D) expenditures.
  E) elasticity of demand.


SamMuagrove

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Production refers to the process of transforming inputs to outputs. The relationship between the quantity of inputs used and the quantity of outputs produced is referred to as the production function.
In terms of usage of inputs, the basic difference between the short run and the long run is that in the short run only some of the firm's inputs can be varied while other inputs are fixed. However, in the long run, a firm can vary all of its inputs and there are no fixed inputs.

Answer to Question 2

A


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faduma

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Reply #2 on: Jun 29, 2018
Thank you :)


SamMuagrove

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Reply #3 on: Jun 29, 2018
Happy to help you


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