Abstract
The manager uses resources, which are the inputs, to achieve a goal or produce a product, the output. The inputs can be fixed, or they can be variable. A fixed input, such as a raceway, does not change, and likewise its amortized cost does not vary over the period of amortization. In general, fixed costs are the overhead or ownership costs. Once the fixed costs are established, the manager works with variable costs. Food costs are variable and can change yearly, seasonally, or even daily. Fixed costs are important but they are often unrelated to output decisions, whereas variable costs change directly with output.
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© 1989 Van Nostrand Reinhold
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Meade, J.W. (1989). Production Economics. In: Aquaculture Management. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-6470-6_8
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