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COMPLEMENT-IN-PRODUCTION: One of two goods that are produced jointly using the same resource -- that is, the production of one good automatically triggers the production of the other. The terms "joint products" or "by-products" are two terms commonly used for complements-in-production. A complement-in-production is one of two alternatives falling within the other prices determinant of supply. The other is a substitute-in-production. An increase in the price of one complement-in-production causes a increase in supply of the other. Complements-in-production are goods produced jointly from the same resource or input. This typically happens when the resource in question has parts that can be separated into different products. One example is the production of two goods -- beef and leather -- from one resource -- cattle. Another complement in production example is lumber and sawdust, both produced from a single tree.
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Lesson 14: Production | Unit 1: Short-Run Production
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Page: 2 of 25
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Topic:
Two Inputs: Fixed And Variable
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- Two different types of inputs -- fixed and variable.
- A fixed input is an input used in the production of goods and services that does not change in the time period of the analysis.
- A variable input is an input used in the production of goods and services that does change in the time period of the analysis.
- For short-run production, the quantity of variable inputs used in production can be changed, but the quantity of fixed inputs can not.
- Fixed and variable inputs are closely connected to the time period of analysis.
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COMPLEMENT GOOD In general, one of two (or more) goods that are related in a joint manner. In terms of demand, complement goods are those that provide satisfaction of a want or need when consumed together. In terms of supply, complement goods are those that are simultaneously produced using a given resource. A complement good is one of two ways that goods are related. The other is a substitute good.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for the happiest person in the room.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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LS
Least Squares
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