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How might you use in the short run and long run what you learned from theory...

How might you use in the short run and long run what you learned from theory of cost and theory of production?

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Answer #1

Answer) Theory of cost:- In the short run, there are both fixed and variable costs. In the long run, there are no fixed costs.

Theory of Production:-

The Short-Run is the period in which at least one element of the production is considered fixed. Usually, capital is considered constant in the short-run.

In the Long-Run, all factors of production are variable, while in the very long-run all factors of production are variable and research and growth are possible.

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