Explain the differences between variable factors and fixed factor… - Vidyadip

Question

Explain the differences between variable factors and fixed factors.

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Answer

S No.	Variable factors	Basis	Fixed factors
1.	Variable factors refer to those factors, which can be changed in the short run.	Meaning	Fixed factors refer to those factors which cannot be changed in the short run.
2.	They vary directly with the output.	Relation with output	They do not vary directly with the output.
3.	Labour, raw material, etc.	Example	Capital, land, plant, machinery, etc.

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