Define the short-run and long-run and provide example, Microeconomics

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Define the short-run and long-run and provide example

Discusion:

1. Define the short-run and long-run and provide an aviation example.

2. Define economies of scale. Is there evidence of economies of scale in the airline industry? (Hint: Consider Low-Cost-Carriers). In large commercial aircraft manufacturing?

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Microeconomics: Define the short-run and long-run and provide example

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Microeconomics: Define the short-run and long-run and provide example

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