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Short run analysis centres around the assumption of fixed prices. No time for them to change Long Run analysis assumes there are no fixed factors of production. Costs can be assumed to vary
short run is effects that last only temporarily,
long run is effects that last quite a long time
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Shutting down in the long run is usually after efforts of keeping it afloat after the obvious signs, shutting down in the short runs refers to the immediate shut down after the signs.
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How does a longrun production function differ from a shortrun production function?
üProduction function shows technological relationship between quantity of output and quantity of various inputs used in production. üProduction function in economic sense states the maximum output that can be produced during a period with certain quantity of various inputs in the existing state of technology. üIt is the tool of analysis which is used to explain input - output relationships. üIn general it tells that production of a commodity depends on specified inputs. ü ü
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How does a longrun production function differ from a shortrun production function?
üProduction function shows technological relationship between quantity of output and quantity of various inputs used in production. üProduction function in economic sense states the maximum output that can be produced during a period with certain quantity of various inputs in the existing state of technology. üIt is the tool of analysis which is used to explain input - output relationships. üIn general it tells that production of a commodity depends on specified inputs. ü ü
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