Question

What is the difference between short-run and long-run production time frame?

What is the difference between short-run and long-run production time frame?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The biggest difference between short-run and long-run production time frame is that in the short run there is atleast one factor of production which is fixed but in case of long term all factors of production are variable.

In the short term, the firm can not raise output beyond a certain level or beyond existing production capacity but in case of long term the firm can increase output to any amount as machinary or factory can be installed to raise production.

there are barriers to entry in short term but no barriers to entry and exit in long term

the above is answer..

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
25. In the economics for a company what is the difference between short run and long...
25. In the economics for a company what is the difference between short run and long run A) In the long run all factors of production can be changed, in the short run some factors of production are fixed B) In the short run all factors of production can be changed, in the long run some factors of production are fixed C) In the short run profits are less D) In the long run profits are less
21) The main difference between the short run and the long run is that: A) in...
21) The main difference between the short run and the long run is that: A) in the short run all inputs are fixed, while in the long run all inputs are variable. B) in the short run the firm varies all of its inputs to find the least-cost combination of inputs. C) in the short run, at least one of the firm's input levels is fixed. D) in the long run, the firm is making a constrained decision about how...
Is the basic difference between the short run and the long run that the law of...
Is the basic difference between the short run and the long run that the law of diminishing returns applies in the long run, but not in the short run?
1.        Is the basic difference between the short run and the long run that the...
1.        Is the basic difference between the short run and the long run that the law of diminishing returns applies in the long run, but not in the short run? 2.        Draw a typical production function and explain its shape. Below that diagram, draw an average product schedule and marginal product schedule. Indicate the relationship between the two diagrams. ##3         Explain why the marginal product of labour initially increases as more workers are hired and then eventually...
Explain the difference between the “short run” and the “long run”. Be specific.
Explain the difference between the “short run” and the “long run”. Be specific.
Explain the difference between costs in the short run and long run
Explain the difference between costs in the short run and long run
Which of the following best applies to the distinction between the "long-run" and the "short-run"? A....
Which of the following best applies to the distinction between the "long-run" and the "short-run"? A. the short-run is a period of approximately 1-6 months while the long-run is any time frame which is longer. B. in the short-run, only new firms may enter, while in the long-run, firms may either enter or exit the market. C. the rationing function of price is a short-run phenomenon whereas the guiding function is a long-run phenomenon. D. all of the above
1.  What is the difference between the short run and the long run? Explain the        Law of...
1.  What is the difference between the short run and the long run? Explain the        Law of Diminishing Marginal returns. 2.  Discuss the difference between the market demand curve of a purely      competitive industry and the demand curve confronted by an individual      firm in pure competition. 3.  What is a monopolist, and what is required for a monopolist to earn profits      in the long run? 4.  What does the demand curve facing a monopoly look like?Why? 5.  What is the Law of Diminishing Marginal Utility...
What is the difference in the short-run and long-run in microeconomics?
What is the difference in the short-run and long-run in microeconomics?
1A.What are the differences between a firm’s production in the short run and the long run?...
1A.What are the differences between a firm’s production in the short run and the long run? B. If the marginal product of labor is 6 and the marginal rate of technical substitution between labor and capital is 1.5, what is the marginal product of capital? C. Find an example of fixed proportion in production.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT