Question

any three differences bw short run and long run profuction

Answer 1

Heya....

Short run production....

* It is a production function in which factor ratio tends to change with the volume of output...

* Output is increased by changing variable factors only...

* Scale of output remains constant no matter what the the level of output is...

Long run production....

* It is a production function in which factor ratio tends to constant...

* Output is increased by increasing the all variable and fixed factors...

* Scale of output tends to change with the level of output...

Answer 2

Short run production....

1. It is a production function in which factor ratio tends to change with the volume of output...

2. Output is increased by changing variable factors only...

3. Scale of output remains constant no matter what the the level of output is...

Long run production....

1. It is a production function in which factor ratio tends to constant...

2. Output can be increased.