Question

Differentiate between fixed factors and variable factors?

Answer 1

FIXED FACTORS

1. Fixed factors exist only in the short-run.2. It is independent of output in the short-run.
3. Plant, machines etc. are the examples of fixed

4. It exists even in the zero level of output.

variable factor

1.Variable factors exist both in the short-run and long-run.

2. It changes with the change of output in the short-run

3. Labour, raw materials etc. are the examples of variable factors.

4. When output is zero, quantities of variable factors are reduced    to zero.

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