Economics Today: The Micro View (18th Edition)
18th Edition
ISBN: 9780133885071
Author: Roger LeRoy Miller
Publisher: PEARSON
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Question
Chapter 22, Problem 22.1LO
To determine
The difference between short-run and long-run from the perspective of a firm.
Concept Introduction:
Short-run refers to the time period in which at-least one input is fixed. While, in the long-run all the inputs of production are variable.
Expert Solution & Answer
Explanation of Solution
Short-run refers to the time period in which at-least one input is fixed. While, in the long-run all the inputs of production can be varied. In other words, in the short-run, at least one input is fixed, while in the long run all inputs are variable. In the long-run planning of a firm there are no fixed costs. The firm not only regards all factors as variable, but it regards all costs as variable as well.
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Chapter 22 Solutions
Economics Today: The Micro View (18th Edition)
Ch. 22 - Prob. 22.1LOCh. 22 - Prob. 22.2LOCh. 22 - Prob. 22.3LOCh. 22 - Prob. 22.4LOCh. 22 - Prob. 22.1SCCh. 22 - Prob. 22.2SCCh. 22 - Prob. 22.3SCCh. 22 - Prob. 22.4SCCh. 22 - Prob. 1CTQCh. 22 - Prob. 2CTQ
Ch. 22 - Prob. 1FCTCh. 22 - Prob. 2FCTCh. 22 - Prob. 1PCh. 22 - Prob. 2PCh. 22 - Prob. 3PCh. 22 - Prob. 4PCh. 22 - Prob. 5PCh. 22 - Prob. 6PCh. 22 - Prob. 7PCh. 22 - Prob. 8PCh. 22 - Prob. 9PCh. 22 - Prob. 10PCh. 22 - Prob. 11PCh. 22 - Prob. 12PCh. 22 - Prob. 13PCh. 22 - Prob. 14PCh. 22 - Prob. 15PCh. 22 - Prob. 16PCh. 22 - Prob. 17P
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