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An input is what the firm uses in order to produce a final good.
So it can be material, like glass to make light bulbs,
but more often these are generally looked at as intermediate goods.
A true input is usually capital (K) or Labor (L) used to produce a quantity (Q) of a good.
so a simple production function can look like this
Q=K+L
meaning that if you had 3 units of K and 5 units of L you would have 8 units to sell.
This type of production function where K and L are added is indicative of inputs being perfect substitutes.
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What is an Input Market in economics?
is anything that a firm uses to produce a produt
What is total product in economics?
Total product in economics is all the goods and services produced by a business during a given period of time with a given amount of input.
What are input and output decisions in economics?
it basicly means 'BLAH BLAH BLAH!' cos it is such useless information!
What is returns to scale in economics?
Returns to scale refer to a special relationship between output and input. During production, this relationship refers to the connection between the changes that occur with the output and those that began in the input.
Define Micro economics and explain their merits and demerits?
microeconomics seeks to explain the working of individual prices, wages, particular industries. merits of microeconomics: 1. formulating economics policies and scare resource of the country 2. achieve maximum output with minimum input.
What is an Input Market in economics?
is anything that a firm uses to produce a produt
What is total product in economics?
Total product in economics is all the goods and services produced by a business during a given period of time with a given amount of input.
What are input and output decisions in economics?
it basicly means 'BLAH BLAH BLAH!' cos it is such useless information!
What is returns to scale in economics?
Returns to scale refer to a special relationship between output and input. During production, this relationship refers to the connection between the changes that occur with the output and those that began in the input.
What has the author Dale M Sievert written?
Dale M. Sievert has written: 'Study Guide for Sieverts Introduction to Economics' 'Introduction to Economics' -- subject(s): Economics
What has the author David F Batten written?
David F. Batten has written: 'Spatial analysis of interacting economies' -- subject(s): Entropy (Information theory), Information theory in economics, Input-output analysis, Mathematical models, Regional economics 'Transportation for the Future' 'Discovering Artificial Economics'
What has the author Kim Beatty written?
Kim Beatty has written: 'Computer input data required to evaluate the economics of an IV additive program'
Define Micro economics and explain their merits and demerits?
microeconomics seeks to explain the working of individual prices, wages, particular industries. merits of microeconomics: 1. formulating economics policies and scare resource of the country 2. achieve maximum output with minimum input.
What has the author Bruce Sorte written?
Bruce Sorte has written: 'Crook county's economic structure' -- subject(s): Economics, Economic conditions, Input-output analysis
What is efficiency in economics?
Productive efficiency (also known as technical efficiency) occurs when the economy is utilizing all of its resources efficiently, producing most output from least input
Definition for input?
data fed into a computer or other device (Computers); something which is inserted; power, strength, capacity (Machinery); material used in production processes (Economics)
What has the author Hollis Burnley Chenery written?
Hollis Burnley Chenery has written: 'Studies in development planning' 'Interindustry economics' -- subject(s): Input-output analysis 'Structural change and development policy' -- subject(s): Comparative economics, Economic conditions, Economic development
