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In the short-run the firm can't modify or change overhead factors like equipment, plant and scale of its organisation. In the short-run output can be decreased or increased by changing the variable inputs such as raw material, labour etc. So the short-run costs of production are segmented into variable and costs fixed. Oppositely in the long-run all factors can be adjusted. Therefore in the long run all costs are variable and none are fixed.
Price Elasticity of Demand and the slope of the Demand Curve Elasticity determines the shape of the demand curve. From the formulas
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Q. Show the Changes in fixed costs and profit maximisation? A firm maximises profit by operating where marginal revenue equals marginal costs. A change in fixed costs hasn't an
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