Quantcast

A community for students. Sign up today!

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

nonkululeko

  • 2 years ago

what is a difference btween long run and short run

  • This Question is Closed
  1. nonkululeko
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    in terms of cost

  2. anjali_pant
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 2

    Generally cost have varied effects in long run and short run. For example , in short run ( limited time period , say few months-few years ) capital cannot be increased by a firm , and the labor operate within that limited capital. It may lead to diminishing marginal returns for the firm. However in long run , that firm does not have capacity constraint , and may increase the capital according to the labor. Talking about long run , we deal with the future , relaxing the constraints , but in short run i.e., limited time frame , the firm is bound with many restrictions.

  3. Tophman
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Well according to Keynes and I firmly agree with him.... "The long run is a misleading guide to current affairs. In the long run we are all dead. " John Maynard Keynes, A Tract on Monetary Reform (1923)

  4. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Ask a Question
Find more explanations on OpenStudy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.