Explain marginal I/O relationship in short run and long run
Explain the marginal input-output relationship in short run and long run.
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In the short run, input-output relations are studied along with one variable input, when other inputs are supposed constant. The Law of production in these assumptions are termed as the Laws of variable production.
Under the long run input output relations are studied supposing all the input to be variable. The long-run input output associations are studied in according to Laws of Returns to Scale.
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