a. lumpy inputs are inputs whose quantity cannot be changed gradually as output increases, but rather must be adjusted in large jumps. Moreover, this category of inputs can exist in either the short run or the long run
b.lumpy inputs are inputs whose quantity can be changed as output increases. Moreover, this category of inputs can exist in either the short run or long run
c.lumpy inputs are inputs whose quantity cannot be changed at all, regardless of any changes in output. Moreover, this category of inputs can exist only in the short run.
4 Answers
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(a) Is the answer. Whenever economists refer to a “lumpy” variable — in this case the quantity of some input — they refer to a discrete variable; a variable that has space between possible values, as opposed to a continuous variable, for which there is no space between possible values.
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Lumpy Definition
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Micro Economics: what is the definition of a lumpy input?
a. lumpy inputs are inputs whose quantity cannot be changed gradually as output increases, but rather must be adjusted in large jumps. Moreover, this category of inputs can exist in either the short run or the long run
b.lumpy inputs are inputs whose quantity can be changed as output increases….
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There is no good definition of economics, just as there is no good definition of any broad discipline. Whatever definition you come up with, there will always be a branch of a discipline that would not conform to that definition. For example, economics is often defined as the study of the production, distribution, and consumption of goods and services. This definition would lead you to believe that financial economics is not a branch of economics, although it clearly is, and that production engineering is a branch of economics, although it clearly isn’t. A better way to define a discipline is through outlining typical problems it attempts to solve. Microeconomics studies prices and profits within a particular industry (i.e., on a micro level). Macroeconomics studies national income, employment, and inflation within a particular nation (i.e., on a macro level).
