EBK MICROECONOMICS
2nd Edition
ISBN: 8220103601795
Author: GOOLSBEE
Publisher: YUZU
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Question
Chapter 6, Problem 1RQ
To determine
The short-run production and the long-run production.
Expert Solution & Answer
Explanation of Solution
The production economies state that the short-run is the period of time during which one or more inputs into production cannot be changed which means that the short-run production function of a firm holds variable inputs as well as fixed inputs. The capital of the firm is the most fixed input in the short-run.
The long-run production is the period of time during which all the inputs into production are fully adjustable which means that all the inputs are variables even including the capital of the firm.
Economics Concept Introduction
Short-run: Short-run refers to the time period which does not allow any change in the capital to adjust with the market situation.
Long-run: Long-run refers to the time which changes the production variable to adjust with the market situation.
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Chapter 6 Solutions
EBK MICROECONOMICS
Ch. 6.A - Prob. 1PCh. 6.A - Prob. 2PCh. 6.A - Prob. 3PCh. 6.A - Prob. 4PCh. 6 - Prob. 1RQCh. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - Prob. 4RQCh. 6 - Prob. 5RQCh. 6 - Prob. 6RQ
Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - Prob. 11RQCh. 6 - Prob. 12RQCh. 6 - Prob. 13RQCh. 6 - Prob. 14RQCh. 6 - Prob. 1PCh. 6 - Prob. 2PCh. 6 - Prob. 3PCh. 6 - Prob. 4PCh. 6 - Prob. 5PCh. 6 - Prob. 6PCh. 6 - Prob. 7PCh. 6 - Prob. 8PCh. 6 - Prob. 9PCh. 6 - Prob. 10PCh. 6 - Prob. 11PCh. 6 - Prob. 12PCh. 6 - Prob. 13PCh. 6 - Prob. 14PCh. 6 - Prob. 15PCh. 6 - Prob. 16PCh. 6 - Prob. 17PCh. 6 - Prob. 18PCh. 6 - Prob. 19PCh. 6 - Prob. 20PCh. 6 - Prob. 21P
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