The difference between the short-run and long-run production function.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 6, Problem 1RQ

To determine

The difference between the short-run and long-run production function.

Expert Solution & Answer

Explanation of Solution

The production function is the process of transformation of inputs into outputs, which lead to value addition. A production function determines the maximum quantity of outputs that can be produced with the given quantity of inputs. A short run refers to a time period in which only a single factor of production is variable. Thus, a short-run production function refers to the maximum quantity of output that can be produced by changing the quantity of the variable factor. The long run is a time period in which all the factors of production can be changed. Thus, the long-run production function refers to the maximum quantity of outputs that can be produced by changing all the factors of production.

Economics Concept Introduction

Production function: Production functions express the relationship between inputs and outputs assuming that there is no change in technology.

Short run: Short run refers to the time period in which only a single factor of production changes, and the others remain fixed.

Long run: Long run refers to the time period in which all the factors of production change.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Please help and Solve! (Note: this is a practice problem)

Please help and thanks! (Note: This is a practice problem!)

Unit VI Assignment Instructions: This assignment has two parts. Answer the questions using the charts. Part 1: Firm 1 High Price Low Price High Price 8,8 0,10 Firm 2 Low Price 10,0 3,3 Question: For the above game, identify the Nash Equilibrium. Does Firm 1 have a dominant strategy? If so, what is it? Does Firm 2 have a dominant strategy? If so, what is it? Your response:

Answer 2

Question

Chapter 6, Problem 1RQ

To determine

The difference between the short-run and long-run production function.

Expert Solution & Answer

Explanation of Solution

The production function is the process of transformation of inputs into outputs, which lead to value addition. A production function determines the maximum quantity of outputs that can be produced with the given quantity of inputs. A short run refers to a time period in which only a single factor of production is variable. Thus, a short-run production function refers to the maximum quantity of output that can be produced by changing the quantity of the variable factor. The long run is a time period in which all the factors of production can be changed. Thus, the long-run production function refers to the maximum quantity of outputs that can be produced by changing all the factors of production.

Economics Concept Introduction

Production function: Production functions express the relationship between inputs and outputs assuming that there is no change in technology.

Short run: Short run refers to the time period in which only a single factor of production changes, and the others remain fixed.

Long run: Long run refers to the time period in which all the factors of production change.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 6, Problem 1RQ

To determine

The difference between the short-run and long-run production function.

Expert Solution & Answer

Explanation of Solution

The production function is the process of transformation of inputs into outputs, which lead to value addition. A production function determines the maximum quantity of outputs that can be produced with the given quantity of inputs. A short run refers to a time period in which only a single factor of production is variable. Thus, a short-run production function refers to the maximum quantity of output that can be produced by changing the quantity of the variable factor. The long run is a time period in which all the factors of production can be changed. Thus, the long-run production function refers to the maximum quantity of outputs that can be produced by changing all the factors of production.

Economics Concept Introduction

Production function: Production functions express the relationship between inputs and outputs assuming that there is no change in technology.

Short run: Short run refers to the time period in which only a single factor of production changes, and the others remain fixed.

Long run: Long run refers to the time period in which all the factors of production change.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 6, Problem 1RQ

To determine

The difference between the short-run and long-run production function.

Expert Solution & Answer

Explanation of Solution

The production function is the process of transformation of inputs into outputs, which lead to value addition. A production function determines the maximum quantity of outputs that can be produced with the given quantity of inputs. A short run refers to a time period in which only a single factor of production is variable. Thus, a short-run production function refers to the maximum quantity of output that can be produced by changing the quantity of the variable factor. The long run is a time period in which all the factors of production can be changed. Thus, the long-run production function refers to the maximum quantity of outputs that can be produced by changing all the factors of production.

Economics Concept Introduction

Production function: Production functions express the relationship between inputs and outputs assuming that there is no change in technology.

Short run: Short run refers to the time period in which only a single factor of production changes, and the others remain fixed.

Long run: Long run refers to the time period in which all the factors of production change.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 6, Problem 1RQ

To determine

The difference between the short-run and long-run production function.

Expert Solution & Answer

Explanation of Solution

The production function is the process of transformation of inputs into outputs, which lead to value addition. A production function determines the maximum quantity of outputs that can be produced with the given quantity of inputs. A short run refers to a time period in which only a single factor of production is variable. Thus, a short-run production function refers to the maximum quantity of output that can be produced by changing the quantity of the variable factor. The long run is a time period in which all the factors of production can be changed. Thus, the long-run production function refers to the maximum quantity of outputs that can be produced by changing all the factors of production.

Economics Concept Introduction

Production function: Production functions express the relationship between inputs and outputs assuming that there is no change in technology.

Short run: Short run refers to the time period in which only a single factor of production changes, and the others remain fixed.

Long run: Long run refers to the time period in which all the factors of production change.

Answer 6

Chapter 6, Problem 1RQ

To determine

The difference between the short-run and long-run production function.

Expert Solution & Answer

Explanation of Solution

The production function is the process of transformation of inputs into outputs, which lead to value addition. A production function determines the maximum quantity of outputs that can be produced with the given quantity of inputs. A short run refers to a time period in which only a single factor of production is variable. Thus, a short-run production function refers to the maximum quantity of output that can be produced by changing the quantity of the variable factor. The long run is a time period in which all the factors of production can be changed. Thus, the long-run production function refers to the maximum quantity of outputs that can be produced by changing all the factors of production.

Economics Concept Introduction

Production function: Production functions express the relationship between inputs and outputs assuming that there is no change in technology.

Short run: Short run refers to the time period in which only a single factor of production changes, and the others remain fixed.

Long run: Long run refers to the time period in which all the factors of production change.

Answer 7

Chapter 6, Problem 1RQ

To determine

The difference between the short-run and long-run production function.

Answer 8

Expert Solution & Answer

Explanation of Solution

The production function is the process of transformation of inputs into outputs, which lead to value addition. A production function determines the maximum quantity of outputs that can be produced with the given quantity of inputs. A short run refers to a time period in which only a single factor of production is variable. Thus, a short-run production function refers to the maximum quantity of output that can be produced by changing the quantity of the variable factor. The long run is a time period in which all the factors of production can be changed. Thus, the long-run production function refers to the maximum quantity of outputs that can be produced by changing all the factors of production.