what is a difference btween long run and short run

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what is a difference btween long run and short run

Economics - Financial Markets
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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in terms of cost
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.
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)

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