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eco (Delhi10)

eco (Delhi10)

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Published by nischay

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Published by: nischay on Mar 22, 2011
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03/23/2013

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(Called manufacturing)
Services like transport, legal, medical consultancy, storage for future use, wholesaling, retailing
are also productive activities.

INPUT & OUTPUT
INPUT
Inputs are of two types
1.Fixed
2.Variable
1.Fixed whose supply is inelastic in short run. All its users can’t employ more of it in
short run. E.g. plant, machinery, building.
2.Variable factors Whose supply in short run is elastic e.g. labour & raw material
OUTPUT Goods & services that comes out of production process.
SHORT RUN & LONG RUN
SHORT RUN
Supply of certain inputs is fixed production can be increased by increase in use
of variable inputs.
LONG RUN Supply of all inputs is elastic but not enough to permit a change in technology.

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