45) Production Flashcards
1
Q
What are the various time periods in economics and what do they mean?
A
SR - At least one of the factors of production is fixed
LR - All of the factors of production are variable
Very LR - Technological advances can occur
2
Q
What is TP?
A
Total output
3
Q
What is AP?
A
Average output
4
Q
What is MP?
A
The addition to output as a result of employing one or more unit of output
