Definition: A variable factor is a factor of production whose quantity can be varied in the short run. We would normally expect labour and raw materials to be variable factors.
Related glossary term: ...
Variable factor - An input that can be varied by any desired amount in the short run.
VARIABLE FACTOR OF PRODUCTION: An input whose quantity can 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 fixed factor of production, which goes by the shorter term fixed input.
(That is, first the marginal returns to successive small increases in the variable factor of production turn down, and then eventually the overall average returns per unit of the variable input start decreasing.) Since the law assumes that the available quantity of at least one factor of production ...
Applied factory overhead and budgeted factory overhead?
Five bases of factory overhead?
Budgeted variable factory overhead?
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The optimum level of a sound procurement policy is to ensure that the least optimum level of costs and are enhanced so that there effective competitive advantage in terms of product pricing. There is a need to look at variable factors that exist within the function core so that there is always ...
See also: Marginal cost, National income, Index, Inputs, Population