Across
- 5. The concept that tells us the percentage by which output will increase when all inputs are increased by a given percentage
- 6. Factors of production that cannot be increased or decreased in a short period of time
- 7. The phase along the total product function in which output rises with additional labor but at a decreasing rate
- 9. Indicates the relationship between total output produced and the number of workers employed for a given amount of capital
- 11. A period during which at least one factor of production is fixed. If capital is fixed, then more output is produced by using additional labour.
- 14. The phase along the total product function where output rises with additional labor at an increasing rate
- 15. A technological relationship that specifies how much output can be produced with specific amounts of inputs.
Down
- 1. Principle that as the usage of one input increases, the quantities of other inputs being held fixed, a point will be reached beyond which the marginal product of the variable input will decrease
- 2. The total product divided by the number of units of a particular input employed by the firm
- 3. The amount of a good or service produced by a firm
- 4. Factors of production that a firm can easily increase or decrease in a short period of time
- 8. A period of time that is sufficient to enable all factors of production to be adjusted.
- 10. A point from where slope of TP curve changes and MP is maximum
- 12. The change in output resulting from a unit change in one of firm’s variable inputs
- 13. The ratio of the quantity of capital to the quantity of labor