July 7, 2022

Concept of Short-Run and Long-Run

In economics short-run and long-run do not reflect any time period like the concept of short-term and long-term. Economists connect the word short-run as well as long-run or the concept of short-run and long-run with the ability of producers to adjust different factors of production while producing goods and services. Thus, the concept of short-run […]

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Optimum Employment of Single Variable Input

Concept of Optimum Employment of Input Every producer engages in the act of production to earn possible maximum profit by utilizing the available amount of total cost outlay, prices of factors of production, state of technology, governmental policy, and so on. To ensure a maximum profit or to minimize the cost of production, the selection

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