The short-run production function shows how output changes when A. The quantity of labor changes. B....
- The short-run production function shows how output changes when
| A. |
The quantity of labor changes. |
|
| B. |
The quantity of land changes. |
|
| C. |
Technology changes. |
|
| D. |
The fixed inputs change. |
Homework Answers
Answer. (a) the quantity of labor changes.
Explanation: In the short run, not all input factors can be changed. For example, land cannot be increased or decreased quickly, because it takes time to buy or sell land. Then even technology takes time to innovate, and thus it is also fixed in the short run. But in most of the cases, labor can be varied on a daily, weekly or monthly basis. Thus the short run production function tells how by keeping other inputs constant and only changing labor units, output responds. This might help to evaluate efficiency.
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The short-run production function shows how output changes
when
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The quantity of labor changes.
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