Explain Three differences between short run …

1. Short run production function is a production function in which factor ratio tends to change with the change in the volume of output whereas long run production function is a production function in which factor ratio does not change with change in volume of output. 2. In short run production function output is increased by increasing the application of one variable that is labour only. In case of long run production function output is increased by increasing the application of all factors. 3. Scale of output remains constant no matter what the level of output is in case of short run production function but in long run production function scale of output tends to change with the change in the level of output.