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Author Topic: economics  (Read 1712 times)
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dummybear
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« on: 2011 Aug 18, 01:31:06 pm »

What is the short run and long run concept in economics?
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badon
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« Reply #1 on: 2011 Aug 18, 09:42:11 pm »

I'm guessing it has something to do with the timeframe. Usually questions like this come from a book, and each book teaches you something different. Most of it is not necessarily fundamental in any way - it's just the point of view and jargon of the author.
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tamo42
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« Reply #2 on: 2011 Aug 19, 10:09:33 am »

More basically, they just mean "sooner" and "later."
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« Reply #3 on: 2012 Sep 27, 04:20:20 pm »

basically, the difference between the two is that in the short run, at least one factor of production cannot be changed (e.g Machinery, capital), whereas in the long run all factors are variables. Hope it helps
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AtulVajpayee
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« Reply #4 on: 2014 Nov 29, 05:59:59 am »

In the books of economy, the term short-run can be described as a term where within a certain period of time at least one input is fixed while others are variable. Short-run does not include the definite period of time whereas Long term concept is that where all the factors of production and costs are variable. Under the short run concept the firm keeps on operating even if is it running under the unprofitable condition. On the other hand, the long term firm can wind up with all its assets and liabilities at its poor situations occurring in the finance sections. In the long run, the competitors can easily make an entry as well as an exit depending upon the future profit gaining prospectus.
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