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Managerial Econ Final Terms

question
Production function
answer
engineering relationship that defines the output that can be produced with a given set of inputs; two inputs K & L Q=f(K,L); Distinguish between the short-run and long-run: (1) Fixed factors are inputs the manager cannot adjust in the short run, (2) Variable factors are inputs the manager can adjust to alter production
question
Variable input
answer
Distinguish between the short-run and long-run: (1) Fixed factors are inputs the manager cannot adjust in the short run, (2) Variable factors are inputs the manager can adjust to alter production
question
fixed input
answer
Distinguish between the short-run and long-run: (1) Fixed factors are inputs the manager cannot adjust in the short run, (2) Variable factors are inputs the manager can adjust to alter production
question
total product
answer
max level of output that can be produced with a given set of inputs; has a s shaped curve because of diminishing marginal productivity
question
average product
answer
the average amount of output produced by a unit of input; AP=Q/L or AP=Q/K
question
marginal product
answer
the change in output attributable to the last unit of an input; MP=dQ/dL; MP=dQ/dK
question
value of marginal product
answer
...
question
marginal revenue product
answer
...
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question
Production function
answer
engineering relationship that defines the output that can be produced with a given set of inputs; two inputs K & L Q=f(K,L); Distinguish between the short-run and long-run: (1) Fixed factors are inputs the manager cannot adjust in the short run, (2) Variable factors are inputs the manager can adjust to alter production
question
Variable input
answer
Distinguish between the short-run and long-run: (1) Fixed factors are inputs the manager cannot adjust in the short run, (2) Variable factors are inputs the manager can adjust to alter production
question
fixed input
answer
Distinguish between the short-run and long-run: (1) Fixed factors are inputs the manager cannot adjust in the short run, (2) Variable factors are inputs the manager can adjust to alter production
question
total product
answer
max level of output that can be produced with a given set of inputs; has a s shaped curve because of diminishing marginal productivity
question
average product
answer
the average amount of output produced by a unit of input; AP=Q/L or AP=Q/K
question
marginal product
answer
the change in output attributable to the last unit of an input; MP=dQ/dL; MP=dQ/dK
question
value of marginal product
answer
...
question
marginal revenue product
answer
...
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