Scenario: David runs a janitorial service company. The following table shows the total number of rooms that can be cleaned by the specified number of workers and industrial vacuum cleaners.
-Refer to the scenario above.The variable input in this janitorial service is ________,and the fixed input is ________.
Definitions:
Shutdown Point
The level of output and price at which a firm's total revenue is equal to its total variable costs, below which the firm would lose more money by continuing to operate than by shutting down.
Break-Even Point
The level of production or the volume of sales at which total costs equal total revenue, resulting in no net loss or gain.
Lowest Price
The smallest amount for which a product or service is sold in the market.
Long Run
An interval where all inputs and expenses are adjustable, enabling total adaptation to shifts.
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