being maybe to produce the very same output making use of fewer inputs.being able come produce an ext output making use of the exact same inputs.a decline in the amount of output that have the right to be developed from a provided quantity that inputs.both a and b.all the the above.


You are watching: The processes a firm uses to turn inputs into outputs of goods and services is called

the period of time throughout which at the very least one the a firm"s inputs is fixed. In particular, in the short run, the firm"s technology and the size of its physical plant--its factory, store, or office--are both fixed, while the number of workers the firm rental is variable
the period of time in i beg your pardon a firm have the right to vary every its inputs, adopt brand-new technology, and also increase or decrease the dimension of its physical plant
the relationship between the entry employed by a firm and also the maximum output it can create with those inputs
whenever the marginal product of labor is greater than the average product the labor, the median product of labor have to be increasing. Whenever the marginal product of job is less than the median product the labor, the average product that labor should be decreasing
the rule that, at part point, adding much more of a change input, such as labor, come the exact same amount the a solved input, such together capital, will cause the marginal product the the change input to decline
The relationship between marginal cost and average cost follows the normal relationship between marginal and average values:
When marginal cost is below average complete cost, average total cost falls. When marginal cost is above average total cost, average full cost rises
the for sure minimizes the price of production when the slope of the isocost line, which amounts to the wage rate (w) split by the cost of resources (r), equates to the steep of the isoquant, which amounts to the marginal rate of technical substitution (MRTS) or the marginal product of job (MPL) divided by the marginal product of resources (MPK)
Technology—which determine how much calculation a firm receives from use a provided quantity the inputs intake prices—which determine the full cost of each mix of inputs.
a curve that mirrors all the combinations of two inputs, such as capital and labor, that will produce the exact same level of output
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