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Costs In The Long-Run
Beginning of paper
Just as some costs are fixed and others are variable so are the
inputs, or resources, or, factors of production used by the firm and this
has an impact on its short and long run operations. These time periods
(the short and the long run) do not refer to specific, chronological time
of hours, days, weeks, months or years. Rather they are periods ....
Middle of paper
....ofits, the combination of actors of production to
employ and how output changes in response to employing more or a variable
factor in combination with a fixed factor; (i.e. the law of diminishing
returns) and the scale of operations to achieve optimum production. (i.e.
the economies and dis-economies of scale)
Since there are no fixed fac.... |
| Word count: 330 |
Page count: 2 |
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