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FIXED FACTOR OF PRODUCTION: An input whose quantity cannot be changed in the time period under consideration. This usually goes by the shorter term fixed input and should be immediately compared and contrasted with variable factor of production, which goes by the shorter term variable input. The most common example of a fixed factor of production is capital. A fixed factor of production provides the "capacity" constraint for the short-run production of a firm. As larger quantities of a variable factor of production, like labor, are added to a fixed factor of production like capital, the variable input becomes less productive. This is, by the way, the law of diminishing marginal returns. For more detailed discussion, take a look at the shorter, more commonly used alias of fixed factor of production, which is fixed input.
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PRODUCTION STAGES The three stages of production are characterized by the slopes, shapes, and interrelationships of the total, marginal, and average product curves. The first stage is characterized by a positive slope of the average product curve, ending at the intersection between the average product and marginal product curves; the second stage by continues up to the point in which the marginal product becomes negative, at the peak of the total product curve; and the third stage exists over the range of in which the total product curve is negatively sloped. In Stage I, average product is positive and increasing. In Stage II, marginal product is positive, but decreasing. And in Stage III, total product is decreasing.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for crowded shopping malls.
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The average length of a "business lunch" is about 36 minutes.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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AR(N)
A nth-order Autoregressive Process
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