MICROECONOMICS CH : 7 PRODUCTION FUNTION AND RETURNS TO A FACTOR — Economics STD 11 Commerce — Question
CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 7 PRODUCTION FUNTION AND RETURNS TO A FACTOR1 Mark
Question
What is the basic difference between short run production function and long run production function?
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Answer
Short run production function is variable proportions type production function. Long run production function, on the other hand, is constant proportions type production function.
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