Differentiate between the fixed factor of production and variable fact – InterviewSolution

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1.	Differentiate between the fixed factor of production and variable factor of production.
Answer» The factor of production that cannot be changed with changes in the level of production during the short run, is called a fixed factor. However, the factors of production which changes with change in the level of production both during the short run and long run, are known as variable factors of production. For instance, during the short run, the plant and machinery are regarded as a fixed factor while raw materials and labour are considered as variable factors.

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