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Explain the differences between short-run and Long-run as they are used in economics?
What are the key differences between long run and short run equilibrium in economics?
In economics, the key difference between long run and short run equilibrium is the time frame in which adjustments can be made. In the short run, some factors are fixed and cannot be changed, leading to temporary imbalances in supply and demand. In the long run, all factors are variable, allowing for adjustments to reach a stable equilibrium.
What are the key differences between short run and long run costs in economics?
In economics, the key difference between short run and long run costs is that in the short run, some costs are fixed and cannot be changed, while in the long run, all costs are variable and can be adjusted. This means that in the short run, a business may have to deal with fixed costs like rent or equipment, while in the long run, they have more flexibility to adjust their costs to maximize profits.
Distinguish between the concept of the short run and long run period theory of the firm?
Explain which of the following would be considered the long-run and short-run and why.
What are the key differences between the long run supply curve and the short run supply curve in economics?
The key difference between the long run supply curve and the short run supply curve in economics is that the long run supply curve is more elastic and flexible, as firms can adjust their production levels and resources in the long run. In contrast, the short run supply curve is less elastic and more rigid, as firms have limited ability to change their production capacity in the short term.
What are the key differences between short run and long run equilibrium in economics?
In economics, the key difference between short run and long run equilibrium is the time frame in which adjustments can be made. In the short run, prices and wages are sticky and cannot adjust quickly, leading to temporary imbalances in supply and demand. In the long run, prices and wages are flexible and can adjust to reach a new equilibrium, resulting in a more stable market.
What are the differences between short run and long run costs in economics?
In economics, short run costs refer to expenses that can change quickly in response to production levels, such as labor and materials. Long run costs, on the other hand, include all expenses that can be adjusted over a longer period of time, such as capital investments and technology upgrades.
What determines consumption and investment in the long run model of economics?
the health of the economy institutional base of the economy
Explain long run L - shaped cost curve?
L shapes cost curvr is a long run cost curve
What are the key differences between short run equilibrium and long run equilibrium in economics?
In economics, short run equilibrium refers to a situation where the supply and demand for a good or service are balanced at a particular point in time, while long run equilibrium is a state where all factors of production can be adjusted and there are no excess profits or losses. The key difference between the two is that in the short run, some factors of production are fixed, leading to temporary imbalances, while in the long run, all factors can be adjusted to achieve a stable equilibrium.
What is Short-run cost?
In economics, short-run cost means that some factors are variable while others are fixed restricting entry or exit from the industry. The usage of long-run and short-run in macroeconomics differs from the macroeconomic usage.
Explain practical importance of studying economics as a subject?
Taking economics as a subject will help you learn about how the economy is run, a economy is stimulated, it helps you understand how our economy is run and about the stock market, it helps you learn how a business is run and how you might run a business and marketing for businesses. Economics is an important subject but not very widely understood, because it teaches you the importance of budgeting and managing your money well and helps you identify what is and isn't a risky investment. And it also teaches you the importance of International Trade and how something across the world can effect the prices of goods locally.
