Explain the concepts of the short run and the long run.
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long run means doing running long small run means doing running small
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The concept of the long run and short is used in economics for explaining the production function.
Explanation:
The ‘long-run production function’ defines when the market is in equilibrium. In the short run, the markets are not totally in equilibrium due to certain constraints. In the ‘long run’, the different factors of ‘production’ and the costs are variable.
The organizations are able to adjust to these variable costs. Short-run refers to the ‘period’ where the output is changed by changing the ‘variable factors’ of production.
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