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Explain Why Funds Available to Pay the Fixed Inputs Are

question 36

Essay

Explain why funds available to pay the fixed inputs are equal to the area of the triangle below the value of marginal product of labor (VMP) and above the wage.


Definitions:

Normal Accidents

A concept in the sociology of large technological systems that predicts that accidents are inevitable in complex systems due to their intricacies and the interdependence of their components.

High Tech

Industries or companies involved in developing and producing advanced technology products or services.

Big Tech

Large, dominant technology companies, often cited as having considerable market power and influence over the economy, society, and politics.

Diffusion of Technology

The process by which new technologies are adopted and spread across cultures or societies.

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