0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is short run production function?
if at-least one factor of production is constant, production function is infact short-run production function
A production process characterized by a short production run and frequent adjustments to machines so that different products can be produced is known as a?
Intermittent process
What is the different between short run long run?
short run is a period which is not enough to change or alter the quantities of all of the factors of production. therefore, some factors of production are fixed in this period because you do not have enough time to change the quantities of them. so, in this period i.e., short run, some factors are fixed and others are variables. however, in long run, you have all the factors of production as variables as you have enough time to change them or replace them. for ex:- if you have two factors of production, labor and machinery. it might be difficult for you to replace machinery in short run. however, difficulty might not arise in the case of labor. so in short run you would say that labor is variable and machinery is fixed. but in long run, both of your factors are variable because you have enough time to alter their quantities. usually, in economics, we call a period of 1 year or less as short run. and a period of more than 1 year as long run. but this might not be suitable i every case. this time may vary from situation to situation.
Is supply more elastic in the short run than in the long run?
Most of them are more elastic in the long run,because all factors of production are variable,not fixed.
What is a production period that allows changes only in variable inputs?
This production period is called the short run production period. This means that the amount of capital in the firm is fixed and cannot change because it takes time for the firm to receive ordered capital. In this situation the firm must change labor and materials (variable inputs) in order to maximize profits. The opposite of the short run production period is the long run production period. In the long run all inputs are flexible and the firm can theoretically maximize profits at any level of capital.
What is short run production function?
if at-least one factor of production is constant, production function is infact short-run production function
What is intermittent production?
A intermittent production process a production process in which the production run is short and machines are changed frequently to make different products.
A production process characterized by a short production run and frequent adjustments to machines so that different products can be produced is known as a?
Intermittent process
What is the different between short run long run?
short run is a period which is not enough to change or alter the quantities of all of the factors of production. therefore, some factors of production are fixed in this period because you do not have enough time to change the quantities of them. so, in this period i.e., short run, some factors are fixed and others are variables. however, in long run, you have all the factors of production as variables as you have enough time to change them or replace them. for ex:- if you have two factors of production, labor and machinery. it might be difficult for you to replace machinery in short run. however, difficulty might not arise in the case of labor. so in short run you would say that labor is variable and machinery is fixed. but in long run, both of your factors are variable because you have enough time to alter their quantities. usually, in economics, we call a period of 1 year or less as short run. and a period of more than 1 year as long run. but this might not be suitable i every case. this time may vary from situation to situation.
Explain the law of variable proportions with suitable diagram?
in the process of production, in short run where producer changes few factors of production , i.e; varies the proportion between fixed factors and variable factors then production changes by three ways -at first production increases rapidly - at second production increases slowly - at third production decreases. the analysis of these procedures is known as law of variable proportion.
Selling concept and production concept which concept is the best concept for short-run?
ask your mother?lol
Is supply more elastic in the short run than in the long run?
Most of them are more elastic in the long run,because all factors of production are variable,not fixed.
What is a production period that allows changes only in variable inputs?
This production period is called the short run production period. This means that the amount of capital in the firm is fixed and cannot change because it takes time for the firm to receive ordered capital. In this situation the firm must change labor and materials (variable inputs) in order to maximize profits. The opposite of the short run production period is the long run production period. In the long run all inputs are flexible and the firm can theoretically maximize profits at any level of capital.
What are the three Sectors of production?
1- two goods are produced depicting choices and trade off for the nation 2- full employment and full production are achieved allowing for maximum utilization of resources. 3- short run is the time frame over which resources can not be improved or increased.
What was the Production Budget for Run Lola Run?
The Production Budget for Run Lola Run was $1,750,000.
What was the Production Budget for Chicken Run?
The Production Budget for Chicken Run was $42,000,000.
What was the Production Budget for Midnight Run?
The Production Budget for Midnight Run was $30,000,000.
