The main difference between the short run and the long run is that  firms earn zero profits in the long run the long run always refers to a time period of one year or longer in the short run, some inputs are fixed in the long run, all inputs are fixed

Q: Explain the influence of costs in the short run on a firm's output

A: Short-run is a period of time when there is some cost which cannot be varied.

Q: The long-run is a period of time long enough so that all inputs, including facility and equipment,…

A: PLEASE FIND THE ANSWER BELOW.

Q: In the long run * O all inputs are variable. O all inputs are fixed. O some inputs are variable and…

A: The long run is a concept in which there is equilibrium in all the markets and prices and quantities…

Q: In a furniture market, if a furniture company is analyzing the short run total costs, one of the…

A: Here, it is given that a firm in the furniture market is analyzing its short-run total cost.…

Q: What is the marginal cost of producing the third unit of output? (Correct answer is $24)

A: Marginal cost is the additional cost that is incurred on production of an additional unit of output.…

Q: the short run, a firm's average variable cost will increase as its output increases because

A: The variable cost refers to the cost which changes with change in the level of output.  AVC = TVC/Q.

Q: Max​ Shreck, an​ accountant, quit his​ $80,000-a-year job and bought an existing tattoo parlor from…

A: a). MC of operating the tattoo parlor means the additional cost occurring when one more unit of…

Q: The production function in the image uses a variable amount of labor and a fixed a mount of capital…

A: Production function states the functional relationship among input and output produced. In the…

Q: In the short run, which cost is fixed and cannot be changed? a) Average cost b) Marginal cost c)…

A: Understanding the various sorts of costs in financial aspects is significant for examining business…

Q: In the short run, when the firm produces zero units of output, then what is always equal to zero?

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Define and explain the difference between short run and long run and identify the relationship…

A: Short-run average cost curves: In the short run, the shape of the average cost curve is 'U' shaped.…

Q: What number goes where the highlighted question marks are? In other words, what is the last number…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: In the given figure, short-run cost curves are depicted. What role does the graph's Curve Y…

A: "Cost curves in economics represents a graph of the costs involved in the production process as a…

Q: Diminishing returns occurs in the short run because: A.There are variable inputs to production in…

A: According to the law of diminishing marginal returns, the marginal product decreases as more and…

Q: Consider a firm that produc good using capital and labor denote by L the quantity of and by K the…

A: The marginal product of labor(MPL) is the change in the output which results for employing an…

Q: A production function for a good Q uses inputs of labor (L) and capital (K) and takes the form Q=LK.…

A: Cost  The number of goods and services necessary to produce or manufacture is referred to as the…

Q: a= min[x,y]^(1/2) a)Draw isoquants for a = 1, a = 4 and a = 9. b)What kind of returns to scale does…

A: Production refers to the process of using inputs to make useful output. The functional relationship…

Q: Give business examples of short-run costs, economies of scale, and minimum efficient scale (MES).

A: At the Mininum effiecient scale point, the company could achieve the economies of scale being…

Q: suppose the average variable cost of production is $15 when output equals 110 haircuts and $17.26…

A: To maximize profit, the firm needs to determine the level of output at which its costs are…

Q: ipam owns a firm that sells basketball apparel. As the firm's output increases, the firm's short-run…

A: An economy refers to the system of interrelated manufacturing and consumption activities that…

Q: Production Functions and Cost Functions in the short run and in the long run Consider the production…

A: Production function:  Price of capital (r) = 16 and price of labor (w) = $4.In the short run,…

Q: Fixed costs are associated with Multiple Choice   highly adjustable inputs such as labor.   both…

A: Fixed costs are costs that does not change with increase or decrease in production/sales. They are…

Q: The short run is a period of time in which: The quantities of some resources (inputs) are fixed. The…

A: The short-run is the period of time in which at least one factor of production (FOP) cannot be…

Q: The feature that distinguishes short-run from the long-run is the*

A:

Q: The production period during which the firm can alter its use of all inputs is known as the Olong…

A: The goods utilised in the creation of other commodities and services are referred to as inputs.…

Q: Diminishing returns occurs in the short run because The average product of labor will decrease after…

A: A firm faces different market situation in the short-run as well as in the long-run.

Q: A student has just written on an exam that, in the long run, fixed cost will make the average total…

A: Long run: Long run refers to the time period that necessary to increase the production capacity or…

Q: Why would labor be treated as a variable cost? labor costs will decrease as the firm produces more…

A: Fixed cost refers to the cost which remains same at all levels of output. It is independent of…

Q: Suppose a firm doubles its inputs in the long run and as a result, output doubles. Which of the…

A: Return to scale refers to the relationship between a change in inputs and the resulting change in…