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

Q: What causes changes in unemployment over the long run

A: On the off chance that the monetary powers are becoming moderate, at that point, there will be an…

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: revious graph, use the purple points (diamond symbol) to plot Live Happley's curve when the output…

A: (a) Demand for labor is equivalent to MRP where MRP calculated as, MP x Output price = (Change in…

Q: 19,) In the short run, when the firm produces zero units of output, which of the following is always…

A: The firms, and businesses are considered to be one of the most important entities in the economy.…

Q: How is the short-run average cost curve and the long-run average cost curve-shaped? What is the…

A: Short run average cost has fixed factors of production,whereas in long run average cost there are no…

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: Explain the meaning of the terms push manufacturing and pull manufacturing.

A: The business organizations have several activities and events that might involve in considerable…

Q: Section C- ESSAY. Write your answer in the space provided or on a separate sheet of paper. (** 1)…

A: We have given the following information in the table Number of workers Output per day (units)…

Q: When long-run AC is falling, it is tangent to short-run AC curve: of the

A: # when a firm decides how to production must proceed in the long run it always emphasis on the long…

Q: istinction between short-run and long-run equilibrium and factors affecting it?

A: Short-run equilibrium is the equilibrium that is determined on the basis of aggregate demand and…

Q: I need help with econ multiple hw questions asap! 101) Typically, as a firm hires additional…

A: (101). Marginal product of labour means the additional output a firm get by using an additional unit…

Q: Explain why the short run production curve is a “s” shape curve. Answer in detail including graph…

A: The production function would result in the output or the total output which can be produced given…

Q: Question In the long run, a firm can increase its output quantity, but it will be limited by the…

A: In the short run, at least one of the factors of production is fixed. Whereas, in the long run, all…

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: Labor demand In the long-run:describe what a firm will do when its long-run condition is not met,…

A: The Long Run is defined as a time period when all the factors of production and the costs are…

Q: What is the short run

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

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: 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: hat is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why…

A: Marginal product refers to an addition to the total production by producing an extra unit of output.…

Q: How would this change in the long-run? Can you show the graph in the long-run too?

A: The long run is a long time which is enough for capital as a factor of production to be variable and…

Q: Why does the marginal product of labor start to decrease after a certain number of workers are…

A: Marginal Product of labour basically means the change in total output, due to one unit change in…

Q: . Given the following data about an organization works in the short run:   Q TFC TVC TC AFC AVC…

A: 2) The table is shown as below Q TFC TVC TC AFC AVC ATC MC 0 30 0 30 - - -   1 30 44 74 30 44…

Q: c. What are the characteristics of short-run equilibrium? d. What are the characteristics of…

A: In a monopolistic competitive market there are large number of firms producing similar but not…

Q: In economics, "the long-run" is referred to as a period in which the amounts of capital are…

A: In economics, period (time) is generally divided into 2 parts i.e. short-run period and long-run…

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: 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: What is the lowest price a dozen eggs could reach before Farmer Johnson would be forced to shut down…

A: Shutting down of firms in the short run is determined by the shutdown rule.

Q: Explain why in the medium run an increase in the price of oil will cause an increase in the…

A: The jobless who will work and are effectively searching for a task communicated as a percent of the…

Q: 38) In the short run, the marginal product of labor might increase initially as more workers are…

A: Marginal product is the output that is derived from the addition of one extra unit of input.

Q: Assume you are examining the economy of India. Assume the Indian economy is initially in…

A: The measure that depicts the final value of goods and services during a specified period of time is…

Q: The saying “too many cooks in the kitchen can spoil the stew” can be used to describe the concept of…

A: According to the law of declining marginal returns, adding a new factor of production leads to…

Q: Question: A distinction between the long run and the short run is that can affect ...... and in the…

A: Long Run: It is a time period when both factors of production changes, the fixed as well as the…

Q: At point "C" in the above figure: Marginal product of labor is positive and rising. Marginal product…

A: From the figure, we can conclude that,

Q: A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust…

A: The factors of production refers to all the inputs which are used in the production off goods, and…

Q: What are some examples to illustrate Henry Hazlitt's lesson that what is true in the short run may…

A: According to Henry Hazlitt's lesson: Actions that are advantageous in the short run can cause…

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: Why average total in the long run is lower than in the short run?

A: The Average Cost is calculated by dividing the total cost (TC) by the total output to obtain the per…

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: Refer to the figure at right. An increase in production from q, to q, A. is more costly in the short…

A: In the short run at least one input is fixed and in long run all inputs are variable.