According to the text, much of the increase in productivity that has occurred more recentl
According to the text, much of the increase in productivity that has occurred more recently in the fast food industry was the result of improvements in capital and technology.
65) The typical short-run production function is incapable of distinguishing among the different types of labor that might be hired by the firm.
66) The "long run" is defined as a period of time long enough for the quantities of all of the inputs to production to vary.
67) The term "variable input" is used to refer to inputs that vary in terms of quality and, therefore, productivity.
68) A firm's decision to expand the size of its production facility would be considered a short-run decision so long as the expansion can be completed in less than a year.
69) For a particular farmer and a single growing season, the amount of seed that is planted would be considered a variable input.
70) Because it is a machine, a personal computer should be treated as a fixed input in the typical firm's short-run production function.
71) By definition, in the typical firm's short-run production function all inputs are fixed in amount.
72) The marginal product of a variable input is calculated by dividing total product by the change in the variable input.