long run in the theory of production
2006-07-24 00:32:44 · 6 answers · asked by brave200523 1 in Social Science ➔ Economics
The long run is a period of time in which the quantities of all inputs can be varied. Basically they can adjust.
Short Run: Some inputs variable, some fixed. New firms do not enter the industry, and existing firms do not exit.
Long Run: All inputs variable, firms can enter and exit the market place.
2006-07-24 01:42:06 · answer #1 · answered by Girl 3 · 0⤊ 0⤋
In theory of production (Microeconomics), the long run refers to the situation in which is possible to vary the quantities of all inputs. In the short run, there's at least one input that is not possible to be varied.
In Macroeconomics, long run is more related to time as we are used, and it's generally a time period greater than one year.
2006-07-24 15:24:46 · answer #2 · answered by Andre Loureiro 2 · 0⤊ 0⤋
The long run is a time period over which all factors of production are variable. Basically, it's a period of time that it takes to buy (and, if necessary, rezone) land, or build a new factory, or hire and train new employees that will be working in that factory.
2006-07-24 08:20:28 · answer #3 · answered by NC 7 · 0⤊ 0⤋
In means in the long term
2006-07-24 01:00:19 · answer #4 · answered by The Big Shot 6 · 0⤊ 0⤋
longrun basically means in the long term...
2006-07-24 02:17:56 · answer #5 · answered by sadia1905 3 · 0⤊ 0⤋
all the way
2006-07-24 00:35:34 · answer #6 · answered by JULIE 7 · 0⤊ 0⤋