The basic difference between the short run and the long run is that?

Q: For an increase in output, average costs change by more in the short-run than in the long run, but…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: What is marginal product, and what does it mean if it is diminishing?

A: The marginal product is determined by the change in total output as one additional input is used in…

Q: a) Why is the marginal product of a variable input like labour likely to increase initially in the…

A: Ans. (a).  Marginal Product is defined as the change in total out total output caused due to an…

Q: Which of the following are short-run and which are long-run adjustments?  a. Wendy’s builds a new…

A: Meaning of Short-Term and Long-Term: In the long-run or long-term every firm gets sufficient time…

Q: This is a long question so be aware! I need help figuring out if what I calculated for part c-f is…

A: c) At a product price of $32 The firm will produce NO output in the short run. At this price, It…

Q: • Marginal Product (from the GRE Economics Test) Which of the following statements about average…

A: Answer - Need to find- Evaluation of statements marginal and average products  Evaluating the…

Q: Which of the following are short-run adjustments, and which are long-run adjustments? a. Wendy's…

A: ANSWER     The potential challenge for any firm is how quickly it adjusts to a change in the market.…

Q: If we assume that labor is the only variable input, the slope of the short run total product curve

A: Marginal Product of labour is defined as the increase in total production of the company when one…

Q: Marginal product curve, mathematically is the slope of which curve?

A: # Marginal product is referred to be as the change in total inputs used divided by the change in…

Q: What is the increase in output that results from an increase in all of a firm’s outputs by some…

A: The increase in output that results from an increase in all of a firm's output by some proportion…

Q: It is clear that businesses operate in the short run, but do they ever operate in the long run?…

A: When a business is established the main focus of the owner is to conquer the short-run functions and…

Q: What is the short run

A: In Economics there are shortrun, long run  and very long run concepts  short run in economics…

Q: Discuss the impact of long run on cost of doing business.

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Which are the following are short-run and which are the long-run adjustment? Explain with the help…

A: The long-run is the situation when there are no fixed factors (every factor is considered as a…

Q: The basic characteristic of the short run is that?

A: Short-run is a period of time in which at least one input is fixed and the others are variable. It…

Q: A production function is represented by P=f(L), where L is labour. As input L increases, the total…

A: Marginal product is the addition in total product when one more unit of variable factor is employed.…

Q: The production function in the image uses a variable amount of labor and a fixed a mount of capital…

A: Production function states the functional relationship among input and output produced. In the…

Q: What is long and short run

A: Answer: Short-run: Short-run refers to the time period where some factors of production are variable…

Q: Which of the following statements is (are) correct? (x)  Economists distinguish between short run…

A: Short run and Long run are related to the time period of a business or firm.

Q: What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?

A: The Law of Diminishing Return: It occurs when the employment of input with the other fixed input of…

Q: Q. 5 Which are the following are short-run and which are the long-run adjustment? Explain in your…

A: The long-run is the situation when there are no fixed factors (every factor is considered as a…

Q: What is the  Short run and long run period in the production function of the economics

A: In simple words we can say that the Short run period in the production function of the economics…

Q: When it comes to the question on how long the short run is (in the context of production and cost),…

A: Factors of production: - The inputs that are used to produce goods and services are known as the…

Q: In the short run, if the price of the fixed factor is increased, what will happen to profits?

A: Fixed Factor:- These are those factor which do not change with change in output, in short-run. In…

Q: With the aid of diagrams,explain the stages of production,outlining the relationship between total…

A: Production function demonstrates the output level that can be produced/manufactured by employing…

Q: What is the difference between short-run and long-run

A: Short Run and Long Run Costs  Long run costs have no fixed elements of creation, while short run…

Q: How does the firm increase its production in the long-run? What input/s can it use to increase…

A: The process of production is the transformation of the raw materials into the final finished goods…

Q: Why might marginal product be increasing at lower levels of output and decreasing at higher levels…

A: Marginal product (MP) is the extra output produced by one additional unit of input or raw material…

Q: a. Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the…

A: The three criteria can be explained as: The convex shape isoquant- The nature of the production…

Q: Q = A Lx Ky  (Quantity, A, Labor, Capital) If A; X; Y are all positive numbers, does the…

A: The production function exhibits Increasing return to scale, Constant return to scale or Decreasing…

Q: If the marginal product equals the average product, we are at the ____. point of the ____ curve.

A: The output produced by the firm with the given resources in a particular time period is known as the…

Q: When do you think production is on the part of increasing returns on the production function?…

A: Returns to scale is an economic term that defines what happens to long-run returns as production…

Q: onsider a short run production function q = cL+K where the value for c=3, sing L units of labour and…

A: Marginal productivity of labor depicts how there is change in output due to additional unit of…

Q: Define the concept of short run and long run. Then use an example to illustrate the difference…

A: Short-run is a period of time in which at least one input is fixed and the others are variable. It…

Q: Assume that the production function for a firm is defined as: 5 2 3 1 Y = K L . Does this function…

A: The following problem has been solved as follows:

Q: Explain what a production function is. What is the concept of diminishing marginal product?

A: Production Function: The function that explains the relationship between the physical inputs and…

Q: An example of a short-run fixed factor of production is..... a. postage for mailing. b. electricity.…

A: short-run fixed factor of production is a factor of production that cannot be change in the short…

Q: Explain the difference between the short and the long run in production

A: The function that depicts the existence of technological relation between quantities of the good…

Q: uming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and…

A: Cobb-Douglas production function: It is one of the forms of production function which is widely used…

Q: In Production Theory, what is meant by "short-run" production period? What is meant by "long-run"…

A: In production theories, short run and long run periods are categorized according to the time period…