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Economic Theory - The Short and the Long Run & Economies of Scale
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HNC Management Assignment By Vikki Carpenter Economic Theory The Short and the Long Run & Economies of Scale Reference: MicroEc' Outcome 2 pc(a) Give short written answers to the following questions (1) In economic theory what is the definition of: a: The Short Run The short run is a period of time when there is at least one fixed factor of production i.e. a factor input that cannot be altered. This is usually fixed capital such as machinery, the amount of factory space available, staff issues or even the area of land being leased or owned. In the short run a firm will have fixed and variable costs of production. Total cost = fixed cost + variable cost. b: The Long Run In the long run, all factors of production will...
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