distinguish between short run and long run production function
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Short run production function alludes to the time period, in which at least one factor of production is fixed. Long run production function connotes the time period, in which all the factors of production are variable. No change in scale of production.
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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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