The Production Function shows how total output changes when the amount of a single variable input changes while all other inputs are held constant. Which Economic Resource (Factor of Production) is usually the variable input?

labor

Explanation:

They are four factors of production. They are labor, capital, land, and entrepreneurship.

Labor is compensation for human skills, knowledge, time, and energy. It is indicated as salary, wages, commissions, or allowances in the books of account. A company's labor expense is influenced by the number of workers it requires. A planned high output will require many workers, while a low-volume production needs fewer workers. Therefore labor is considered a variable cost.

Capital includes the finances, equipment, and machinery required to start a business. Capital is a fixed cost as capital requirements do not vary will the volume of output. Land and entrepreneurship are fixed costs as they are not expected to change in the s

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explanation:

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