--%>
Assignment Help - homework help

Differentiates between short run and long run costs

Differentiates between short run and long run costs?

E

Expert

Verified

Short run cost is those costs that may change with output whereas fixed factors stay constant. Output may change by changing the variable factors simply. But conversely long run is a period that is adequate to adjust all input factors. Therefore, long run costs are those costs that vary with output while all input factors (variable and fixed) are variable.

   Related Questions in Managerial Economics

  • Q : Explain the Opinion Survey method of

    Explain the Opinion Survey method of Demand Forecasting.

    		•
  • Q : Illustrates the significance of

    Illustrates the significance of elasticity?

    		•
  • Q : Which term not used to calculate

    The entire given can be used to calculate average profit except: w) marginal profit minus marginal cost. x) total profit divided by quantity. y) average revenue minus average total cost. z) price minus average total cost.

  • Q : Linear supply curves and elasticity

    Along two supply curves which are straight lines by the origin, the price elasticity of supply as: (w) is below 1 for all prices and quantities upon both curves. (x) is less for a given quantity beside the steeper curve. (y) equals on

    		•
  • Q : Value of the Average Product Hulk is a

    Hulk is a fitness counselor who coaches five clients at a time during exercise groups at Beefcake Body Builders. Hulk’s hourly wage is of $17, and Beefcake charges his clients $20 for every hour-long conditioning session. Therefore average value of produ

    		•
  • Q : Explain why firms may close in Short Run

    Val Alvarado, an accountant, quit his $80,000 year job and bought an existing laundry through its earlier owner, he was Ricky White. The lease has five years stayed and needs a monthly payment of $4,000. Val's explicit cost amounts to $3,000 per month more than his

  • Q : Backward bending supply curve for labor

    A backward bending supply curve for labor arises while: (w) firms wish to hire only a specific quantity of labor. (x) there is a change in the elasticity of resource supply. (y) workers prefer leisure over added income above several wage. (z) minimum

    		•
  • Q : Regression-Correlation statistical

    Illustrates the Regression and Correlation statistical method of Demand Forecasting?

    		•
  • Q : Labor demand increases and supply

    Wages tend to increase while labor demand: (w) and supply both decrease. (x) decreases and supply increases. (y) and supply both raise. (z) increases and supply decreases. Please choose the right answer from above.

    		•
  • Q : PROFIT THEORIES OF ECONOMICS I HAVE A

    I HAVE A PROBLEM ANSWERING A QUESTION:'REVIEW THE ECONOMIC THEORIES OF ECONOMICS'

    		•