March 23, 2018 

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FIXED FACTOR OF PRODUCTION: An input whose quantity cannot be changed in the time period under consideration. This usually goes by the shorter term fixed input and should be immediately compared and contrasted with variable factor of production, which goes by the shorter term variable input. The most common example of a fixed factor of production is capital. A fixed factor of production provides the "capacity" constraint for the short-run production of a firm. As larger quantities of a variable factor of production, like labor, are added to a fixed factor of production like capital, the variable input becomes less productive. This is, by the way, the law of diminishing marginal returns. For more detailed discussion, take a look at the shorter, more commonly used alias of fixed factor of production, which is fixed input.

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Lesson 4: Production Possibilities | Unit 5: Investment Page: 22 of 24

Topic: Bundle Choices: I <=PAGE BACK | PAGE NEXT=>

Now with bundle I (270 jogging shoes and 8 calibrators).
  • Producing 8 calibrators has added even more to the economy's capital.
  • The cost of these 8 calibrators is 180 pairs of shoes compared to A, and the extra 4 calibrators compared to bundle E is 140 pairs of shoes.
  • These 8 calibrators have increased the quantity of resources even more than bundle E, leading to an even greater shift of production possibilities curve.
  • Tomorrow's production possibilities curve is even farther out than today's curve. There is more growth and a bigger shift in the curve.

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The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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