Factors Affecting The Production Of Production - 870 Words

Factors of production include the items needed in order to produce goods and services. Some examples of factors of production are the machinery or tools needed, the buildings or land including natural resources, as well as the labor or employees. They may also be referred to as land, labor, and capital. (Mankiw, N.G. 2014, P.374) If we are missing any of these items, we would not be able to produce the goods and services intended. The production function is the amount of output that can be reached from a certain number of inputs. It will provide information on increasing or decreasing returns to scale and the marginal products of labor and capital. (Mankiw, N.G. 2014, P. 376) This can provide information for the amount of workers needed for what needs to be produced. Marginal product of labor is the change in results of the output when we add or subtract a unit of labor. In order to calculate this marginal product of labor we would divide the change in total product by the change in variable input. Diminishing marginal product as defined in Chapter 18 states, â€Å"the property whereby the marginal product of an input declines as the quantity of the input increases.† (Mankiw, N.G. 2014, P. 376) For example on a farm, you can increase output by adding labor, fertilizer, and or water but only to a certain amount. Value of the marginal product is a measurement used to find a firms revenue. In order to calculate the value of the marginal product we must take marginalShow MoreRelatedAbiotic Factors Affecting Natural Resources Production Decisions789 Words   |  4 PagesMolokai HS NR Production â€Æ' TABLE OF CONTENTS Abstract†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..3 Main Body†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.4 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..7 ABSTRACT Abiotic and biotic factors are extremely important factors for our environment. The presence of these factors could provide for a peaceful and healthy environment and the disappearance of these factors could wreak havoc on an environment. Abiotic factors focus more onRead MoreEconomic Factors Affecting Chinese Production From The Imputation Of 3d Printing1607 Words   |  7 Pages3D Printing China This is a study about economic factors affecting Chinese production from the imputation of 3D printing. 3D printing or additive manufacturing is the process of making a physical object from a three-dimensional digital model, typically by laying down many successive thin layers of a material such as plastic. Increasing application of 3D printing particularly in consumer goods is expected to drive market growth over the next few years. Additionally, declining costs of 3D printersRead MoreThe Alberta Tar Sands: Factors Affecting Extraction and Production of Fossil Fuels1290 Words   |  5 Pagesthat has been proposed is subject to many environmental risks. Portions of the pipeline have already been approved and the construction of the pipeline is already begun in some areas. This paper will look at some of the factors associated with tar sands extraction and production of fossil fuels. Introduction Bituminous sand, commonly referred to as simply tar sands or oil sands, is an unconventional type of petroleum deposit. It is generally a mixture of some portion of oil, sand, clay, waterRead MoreThe Supply Of Crude Oil1404 Words   |  6 Pagesextremely turbulent; experiencing record highs for the year, but following with plummeting values the very next day. Many factors, internal and external to the United States, account for the change in supply and demand of oil internationally and these factors will subsequently cause the price of oil to decrease to 48 dollars from 50. The United States faces many internal factors that influence oil supply, including the number of suppliers and the confidence these suppliers have in the oil market.Read MoreIndia Is A Global Agricultural Powerhouse Essay1548 Words   |  7 PagesIndian economy. It is the largest in the production of wheat, rice and cotton. Multiple factors have influenced the growth of India’s agricultural sector which includes the growth of consumption, household income and expansion in agricultural exports. There has been a rise in private participation in Indian agriculture and the use of information technology in the agricultural industry. However, India suffered its own economic downturn in 2008-09, when production output from the agricultural industryRead MoreFactors Affecting The Manufacturing Industry Of Ecuador1712 Words   |  7 Pagesconsiderable skills in such occupations as weaving, their wages were among the lowest in the labor force, and as machine-weaving became more widespr ead their skills were increasingly obsolete. In the 1980s, the government offered special credits â€Å"FACTORS AFFECTING THE EMPLOYMENT IN MANUFACTURING INDUSTRY OF ECUADOR† 11 and loans to encourage a transition from artisan workshops to small factories. The largest number of artisans produced clothing and furniture. This group included dressmakers, tailors, shoemakersRead MoreA Report On Anglo Multinational Company1442 Words   |  6 Pagesshareholders. 2.0 EXTERNAL ANALYSIS OF BHP BILLITON: - The external factors affecting BHP Billiton are, Macro-External Environment (Pestel), Industry Competitive Environment (Porter’s Five Forces), Competitor Analysis (Strategic Grouping Mapping). 2.1 MACRO-EXTERNAL ENVIRONMENT (PESTEL ANALYSIS): - It involves Political, Economical, Socio-cultural, Technological, Environmental factors. Political factors: - Political factors such as license to function, project pipeline, growth option and worldRead MoreEconomics Question Bank772 Words   |  4 Pages 36. State the factors affecting supply. 37. Define elasticity of supply. 38. State the factors determining elasticity of supply. 39. What is demand forecasting? 40. What is Delphi technique? 41. What is regression and correlation? 42. What is test marketing? 43. What is production function? State its managerial uses. 44. State the types of production function. 45. What is meant by returns to scale? 46. State Cobb-Douglas production function. 47. WhatRead MoreDemand And Supply And Demand Essay1074 Words   |  5 Pagesto buy at a particular price and at a particular time . demand depends upon the taste and preferences of the consumer, income of the consumer or other factor. Demand depends on the market condition. If market are going in rising trend, demand will decrease and if market are going in rising trend, demand will increase. FACTORS AFFECTING DEMAND 1. PRICE OF THE GOOD increase in price  ­ consumer purchases less commodities. decrease in price  ­ consumer purchases more commodities. 2. PRICERead MoreNoki A Finnish Multinational Communication And Information Technology Company Essay1489 Words   |  6 Pagesbillion then renamed to Nokia networks. The troubles affecting Nokia arise from a radical transformation in its business environment. A brief examination of political, economic, social, technologic for knowing company’s current status and future steps to be taken for the company’s success for the coming years are sown below PEST analysis PEST analysis (political, economic social and technological). It describes a framework of macro environmental factors used to scanning component of strategic management