Fixed and Variable Inputs?

Question

Suppose you own a video rental store. List some of the fixed inputs and variable inputs you would use in operating the store.

Answer 1

Fixed inputs are things you can't easily change (that is, things that only change in the long-run).



Variable inputs are things you can easily change (things that change in the short run).



So...



Fixed inputs:

- Your building (because you own or lease it (binding contract))

- Your video library (it would be hard to sell all this off easily and not lose a ton of money)

- Your shelves and any other interior decoration you might have paid for when you opened the store (the more permanent stuff like carpet and counters, etc)



Variable inputs:

- Your employees (you can fire/hire people easily)

- Your bills (if you shut down, you can stop paying heat/electricity, even though you can't get rid of the building as easily)

- Your cleaning service or other such things (some video stores have food and drinks for sale, stuff like that you can stop ordering)



Customers are NOT an input (as in other answer!). Inputs are another word for costs. Your customers don't cost you anything!

Answer 2

customers aren't a variable input. Inputs are things that the rental store uses to run it's business. Fixed inputs are things that you can't really change in the short run (for example you can't instantly have a new building), where as variable inputs are things that you can change the quantity of pretty quickly (for example it doesn't take long to buy another movie).



Employees are most likely variable (although it's possible that it's fixed if you consider contracts).



In most cases people assume capital inputs (actual physical things, like machines) are fixed, while labor goods (how much somebody works) are variable in the short run

Answer 3

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RE:

Fixed and Variable Inputs?

Suppose you own a video rental store. List some of the fixed inputs and variable inputs you would use in operating the store.

Answer 4

Fixed Input

Answer 5

Fixed inputs: Building, furniture, electricity, employees,

Variable inputs: Customers, video titles.

Answer 6

Fixed and variable depends entirely on what your time horizon is.



In the long run, everything is variable. In the extreme short run, almost nothing is variable.



Pick a time horizon:

1 day...labor not variable due to scheduling requirements.

1 week...labor variable, but videos are fixed (because it probably takes more than 1 week to order/ship new videos)

3 months...videos are variable, but facilities are not variable because it would take longer than 3 months to plan, finance and execute and expansion to your store.

1 year...facilities variable, because you could add on to the store, sell out, or relocate during that time horizon.

Answer 7

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--In Example 1 (stretching an elastic band) it shows the weight (independent variable) changing the elastic’s length (dependent variable). But you could just as easily say that you were changing the length of the elastic (independent) and then measuring how much weight was needed (dependent). --The simplest rule is to emphasise that the variable that YOU change is the independent (or input) variable. --Many students would find it easier to use the terms ‘input’ variable and ‘outcome’ variable, as these are more descriptive …but the UK exam specifications (and exam papers) do not use these terms. --In Example 3 (current in a circuit) the voltage is increased by adding more cells. You could say that the number of cells is the independent variable (assumes that the cells are identical). This would be an example of a discrete variable. Simplified example The independent variable is typically the variable being manipulated or changed and the dependent variable is the observed result of the independent variable being manipulated. For example concerning nutrition, the independent variable of your daily vitamin C intake (how much should I take) can determine the dependent variable of your life span (what is the result or observation as a result of manipulating the 'independent variable'). Scientists will manipulate the vitamin C intake in a group of lets say 100 people who are over the age of 65. Half of the group, 50 people will be given a daily high dose of vitamin C (lets say 2000 mg) and 50 people will be given a placebo pill (no vitamin C dose or a pill with zero vitamin C) over a period of 25 years. The scientists will log the life span of the 100 people to see if there is any statistically significant change in the life span of the people who took the high dose and those who took the placebo (no dose). The goal is to see if the independent variable of high vitamin C dosage affects the dependent variable of people's life span. Alternative terminology in statistics In statistics, the dependent/independent variable terminology is used more widely than just in relation to controlled experiments. For example the data analysis of two jointly varying quantities may involve treating each in turn as the dependent variable and the other as the independent variable. However, for general usage, the pair response variable and explanatory variable is preferable as quantities treated as "independent variables" are rarely statistically independent.[3][4] Depending on the context, an independent variable is also known as a "predictor variable," "regressor," "controlled variable," "manipulated variable," "explanatory variable," "exposure variable," and/or "input variable."[5] A dependent variable is also known as a "response variable," "regressand," "measured variable," "observed variable," "responding variable," "explained variable," "outcome variable," "experimental variable," and/or "output variable."[6] In addition, some special types of statistical analysis use terminology more relevant to the specific context. For example reliability theory uses the term exposure variable for what would otherewise be an explanatory or dependent variable, and medical statistics may use the term risk factor. Examples If one were to measure the influence of different quantities of fertilizer on plant growth, the independent variable would be the amount of fertilizer used (the changing factor of the experiment). The dependent variables would be the growth in height and/or mass of the plant (the factors that are influenced in the experiment) and the controlled variables would be the type of plant, the type of fertilizer, the amount of sunlight the plant gets, the size of the pots, etc. (the factors that would otherwise influence the dependent variable if they were not controlled).[citation needed] In a study of how different doses of a drug affect the severity of symptoms, a researcher could compare the frequency and intensity of symptoms (the dependent variables) when different doses (the independent variable) are administered, and attempt to draw a conclusion.[citation needed] In measuring the acceleration of a vehicle, time is usually the independent variable, while speed is the dependent variable. This is because when taking measurements, times are usually predetermined, and the resulting speed of the vehicle is recorded at those times. As far as the experiment is concerned, the speed is dependent on the time. Since the decision is made to measure the speed at certain times, time is the independent variable.[citation needed] In measuring the amount of color removed from beetroot samples at different temperatures, the dependent variable would be the amount of pigment removed, since it is depending on the temperature (which is the independent variable).[citation needed] In sociology, in measuring the effect of education on income or wealth, the dependent variable could be a level of income or wealth measured

Answer 8

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