explain the concept of short run and long run as associated with a firm.
Answer (1)
Student Expert
22nd Jan, 2020
Hello.
Short run and long run are the theoretical concept of economics which can be studied with a curve and simple explainatory definition of short run and long run are given below:
In this one factor of production (i.e, Capital)is fixed this is a time period which is fewer than four-six months.
I hope you understood.
Best of luck.
Short run and long run are the theoretical concept of economics which can be studied with a curve and simple explainatory definition of short run and long run are given below:
- SHORT RUN:
In this one factor of production (i.e, Capital)is fixed this is a time period which is fewer than four-six months.
- LONG RUN:
I hope you understood.
Best of luck.
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