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Author Question: Define what is meant by the period known as the short run. What will be an ideal ... (Read 201 times)

cabate

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on: Jun 29, 2018
Define what is meant by the period known as the short run.
 
  What will be an ideal response?

Question 2

What three things must a firm know in order to calculate costs?
 
  What will be an ideal response?


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cat123

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The short run is the period during which firms face limits imposed by some fixed factor of production and firms cannot enter or exit an industry.

Answer to Question 2

(1.) The techniques of production available.
(2.) The prices of inputs.
(3.) Output.


cabate

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

sultansheikh

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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