Question

All factors of production becomes variable in?​

Answer 1

Answer:

Variable factors are those that do change with output, which means more are employed when production increases, and less when production decreases. Typical variable factors include labour, energy, and raw materials directly used in production.

Explanation:

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Answer 2

Answer:

All factor of production become variable in the long-run.

Explanation:

• The long run is a time frame during which all production elements are unpredictable.
• In this scenario, the business has time to expand and adapt to demand fluctuations.
• To produce at the smallest scale of efficiency, the proportion of inputs is scaled up or down (long-run minimum average cost).
• As there are no fixed costs involved, the overall cost is ultimately the total variable cost.
• When all other inputs are fixed and only one is changeable in the short term, the production function of the company demonstrates the law of variable proportions.
• This law demonstrates the type of rate at which output changes in response to changes in a single variable factor of production.

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