Effects of an Autonomous Change on Equilibrium Demand in the Product Market
What are the ...
Question
What are the variable factors of production?
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Solution
Variable factors of production are those factors of production, the application of which changes with the change in output.
Variable factors are those that do change with output, which means more are employed when production increases, and less when production decreases. Typical variable factors include labour, energy, and raw materials directly used in production.