7499587
Beschreibung
Karteikarten von Tina Song (Student-6F), aktualisiert more than 1 year ago
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Erstellt von Tina Song (Student-6F)
vor fast 8 Jahre
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| Frage | Antworten |
| Law of Dinminisging Returns | As successive units of a variable factor are added to given amount of fixed factor, there will come a point when each additional unit of the variable factor will produce less extra output than the previous unit and the TP will increase at a decreasing rate and MP will start to fall. |
| When MP>AP | AP is rising |
| When MP<AP | AP is falling |
| When MP=AP | AP reaches to its max |
| Short run | Period of time in which at least one factor of production is fixed |
| Long run | Period of time in which all factors of production are variable, but the state of technology is fixed |
| TP | Total amount that a firm produces using all of its factor of production in a given period |
| AP | Total amount of output divided by the no. of units of variable factor employed. TP/Q |
| MP | Refer to the additional output that is produced when you employ 1 extra unit of the variable factor ChangeTP/changeQ |
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