Microeconomics: Short-run Production Function

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Questions and Answers

What does a short-run production function assume about inputs?

  • all inputs are variable
  • at least one input is fixed (correct)
  • at least one input is variable
  • the level of output is fixed

Which of the following is an assumption of a short-run production function?

  • all inputs are fixed
  • at least one input is variable
  • the level of output is variable
  • at least one input is fixed (correct)

What is true about a short-run production function?

  • at least one input is variable
  • all inputs can be varied
  • the level of output is fixed
  • at least one input is fixed (correct)

In a short-run production function, which input is assumed to be fixed?

<p>at least one input (C)</p> Signup and view all the answers

What is a characteristic of a short-run production function?

<p>at least one input is fixed (C)</p> Signup and view all the answers

What assumption is made about the usage of certain inputs in a short-run production function?

<p>at least one input is fixed</p> Signup and view all the answers

Which input is assumed to be fixed in a short-run production function?

<p>at least one input</p> Signup and view all the answers

What is a key characteristic of a short-run production function?

<p>at least one input is fixed</p> Signup and view all the answers

What assumption is made about the production period in a short-run production function?

<p>the firm has a fixed amount of time to make adjustments</p> Signup and view all the answers

What is assumed to be fixed in a short-run production function?

<p>at least one input</p> Signup and view all the answers

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Study Notes

Short-Run Production Function

  • A short-run production function assumes that at least one input is fixed.
  • This means that the level of output is not fixed, but rather variable.
  • All inputs are not fixed, only at least one input is fixed.
  • This is in contrast to a long-run production function, where all inputs can be varied.

Short-Run Production Function

  • A short-run production function assumes that at least one input is fixed.
  • This means that the level of output is not fixed, but rather variable.
  • All inputs are not fixed, only at least one input is fixed.
  • This is in contrast to a long-run production function, where all inputs can be varied.

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