Short run production period and long run production period, Microeconomics

Short run production period and long run production period:

The short run is a period of production during which some factors of production are fixed and some too are variable. The fixed inputs cannot be varied when demand conditions require a change in output. This period varies from firm to firm, depending on the type of production a firm undertakes and the inputs it uses whiles the long run is a period of production within which all inputs are variable. This implies that if demand conditions warrant a change in production all the inputs can be varied to achieve this.

Posted Date: 1/2/2013 7:22:04 AM | Location : United States







Related Discussions:- Short run production period and long run production period, Assignment Help, Ask Question on Short run production period and long run production period, Get Answer, Expert's Help, Short run production period and long run production period Discussions

Write discussion on Short run production period and long run production period
Your posts are moderated
Related Questions
NETWORK EXTERNALITIES Till this point we have assumed that people's demands for good are independent of each other. Actually, a person's demand can be affected by the number

Variable and Total cost curve    * Consequently (from the table which is given): - MC initially decreases with increasing returns  0 through 4 units of output

Determinants of Private Demand - Linkages with Employment Employment potential of courses in higher education is an important determinant of private investment in higher educa

the basics in micro economics

Use a PPF to explain the difference between actual and potential growth. The PPF shows possible output, taking into consideration all factors of production - but de facto outpu

According to the Linder theory ,trade will occur in goods that have overlapping demand. With aid of a graph ,illustrate this theory and its implications

It is also known a sleadig indicators forecasting National Bureau of Economic Research of U. S.A has identified three types of indicate Leading indicators coincidental indicators a

Suppose that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is officially set at $16.10 per hu

Write the formulas to show the reactants and products for the following reactions. Assume that solutions are aqueous unless otherwise indicated. Represent substances in solutions a

how do i use the grid technique to determine the least cost