Differentiates between short run and long run costs
Differentiates between short run and long run costs?
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Short run cost is those costs that may change with output whereas fixed factors stay constant. Output may change by changing the variable factors simply. But conversely long run is a period that is adequate to adjust all input factors. Therefore, long run costs are those costs that vary with output while all input factors (variable and fixed) are variable.
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If the wage rate increases from $10 per hour to $25 per hour, then the elasticity of the supply of labor from this worker is roughly: (1) zero. (2) 7/15. (3) one. (4) minus 8/15. Discover Q & A Leading Solution Library Avail More Than 1443637 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1944617 Asked 3,689 Active Tutors 1443637 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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