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

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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.

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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.

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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.

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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.

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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.