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Production Function
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the relationship between the quantity of inputs a firm uses and the quantity of output it produces
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Fixed Input
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an input whose quantity is fixed for a period of time and cannot be varied
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Variable Input
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an input whose quantity can vary at any time
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Long Run
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the time period in which all inputs can be varied
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Short Run
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the time period in which at least on input is fixed
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Total Product Curve
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shows how the quantity of output depends on the quantity of the variable input, for a given quantity of the fixed input
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Marginal Product
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the additional quantity of output produced by using one more unit of that good
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Diminishing returns to an input
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when an increase in the quantity of an input leads to a decline in the marginal product of that input
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