What Is Difference Between Short Run & Long Production Function?

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Anonymous Profile
Anonymous answered
An analysis of the production decision made by a firm in the long run. The central characteristic of long-run production analysis is that all inputs under the control of the firm are variable. The central principle guiding production in the long run is returns to scale, which indicates how production responds to proportional changes in all inputs. A contrasting analysis is short-run production analysis.
 
Short Run: The short run is a period of time in which at least one input used for production and under the control of the producer is variable and at least one input is fixed.
Long Run: The long run is a period of time in which at all inputs used for production and under the control of the producer are variable
Anonymous Profile
Anonymous answered
Please write a short and long run production theories
Aisha Profile
Aisha answered
The only difference between the above two is the time duration. The short run production function works for only a few years and the cost varies accordingly. Similarly the long run is for the longer duration and high in cost.
thanked the writer.
sriparna guha
sriparna guha commented
This is not a perfect answer.it should be cleared.Only short run means short period and long run means large number of years?...
Anonymous Profile
Anonymous answered
In short run- input output relations are studied with one variable  input.
Long run -  input-output relations are studied assuming all the input to be variable.

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