Production in the Short Run 7.2-1-Jenna Bryant

Question 1

What is output?

Answer 1

The amount of product a firm can produce with a given set of inputs

Question 2

What is another name for output?

Answer 2

Total product

Question 3

What are resources that a firm uses to produce a final product

Answer 3

Inputs

Question 4

What is another name for inputs?

Answer 4

Resources

Question 5

What is the short run?

Answer 5

A period of time during which a firm can only one (or a few) input(s).

Question 6

The inputs that can be cahnged in the short run are called?

Answer 6

Variable Inputs

Question 7

What are the three concepts needed to know to understand how much a firm will produce?

Answer 7

1.Technology (how a firm makes a product), 2. Costs (how much it costs to make a product), 3. Prices (the price a firm can get for a product)

Question 8

What is a fixed input in the short run?

Answer 8

Fixed inputs are inputs whose quantity cannot be changed at all in the short run, regardless of any changes in output.

Question 9

Can inputs be fixed in the long run?

Answer 9

No

Question 10

Is a TV an example of an input or output?

Answer 10

A TV would be considered an output

Question 11

Are workers considered inputs or outputs?

Answer 11

Inputs

Question 12

What is another name for total product?

Answer 12

Output