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short-run and the long-run production function

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The difference between the short-run and the long-run production function is:

a. three months or one business quarter.

b. the time it takes for firms to change all production inputs.

c. the time it takes for firms to change only their variable inputs.

d. more information is required to answer this question.

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The difference between the short-run and the long-run production function is:

b. the time it takes for firms to change all production ...

Solution Summary

The difference between the short-run and the long-run production function is shown.

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Discuss production function

See attachment for full questions. Questions include:

(a) What is a production function?
(b) How does a short-run production function differ from a long-run production function?
(c) Explain the term "Marginal Rate of technical Substitution".
(d) Why are isoquants assumed to be downward sloping?

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