Economy, asked by akash3671, 10 months ago

defference between short run production function and long run production function​

Answers

Answered by jaatgujjar
12

Answer:

Explanation:

A short-run production function refers to that period of time, in which the installation of new plant and machinery to increase the production level is not possible. On the other hand, the Long-run production function is one in which the firm has got sufficient time to instal new machinery or capital equipment, instead of increasing the labour units.

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