Question

While differentiating the short-term and long-term production function, explain each in detail.

Answer 1

Explanation:

The short run production function can be understood as the time period over which the firm is not able to change the quantities of all inputs.

Conversely, long run production function indicates the time period, over which the firm can change the quantities of all the inputs....

Answer 2

• The short run production function can be understood as the time period over which the firm is not able to change the quantities of all inputs.

• Conversely, long run production function indicates the time period, over which the firm can change the quantities of all the inputs.