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Author Question: How short is the short-run production period?[br][br][b][color=#347235]Question ... (Read 99 times)

kellyjaisingh

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on: Jun 30, 2018
How short is the short-run production period?

Question 2

For resources with upward-sloping supply curves:
 a. earnings consist solely of economic rent.
  b. earnings consist of both transfer earnings and economic rent.
  c. earnings are called transfer earnings.
  d. earnings are called dividends.
  e. earnings consist entirely of interest payments.


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djofnc

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Reply #1 on: Jun 30, 2018
Answer to Question 1

In the short run, some factors cannot be adjusted. In the long run, all inputs are variable. The short-run period will vary in duration across firms. For example, for a large utility company, the short-run period might last ten years because of the time needed to build a new generating plant. For a roadside fruit seller, the short-run period might be much shorter.

Answer to Question 2

b


kellyjaisingh

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

bulacsom

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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