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Difference between short run and long …

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Difference between short run and long run production function
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Sia ? 4 years ago

BASIS FOR COMPARION SHORT-RUN PRODUCTION FUNCTION LONG-RUN PRODUCTION FUNCTION
Meaning Short run production function alludes to the time period, in which at least one factor of production is fixed. Long run production function connotes the time period, in which all the factors of production are variable.
Law Law of variable proportion Law of returns to scale
Scale of production No change in scale of production. Change in scale of production.
Factor-ratio Changes Does not change.
Entry and Exit There are barriers to entry and the firms can shut down but cannot fully exit. Firms are free to enter and exit.
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