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Short Run and Long Run Production-Introduction - Economics Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
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FAQs on Short Run and Long Run Production-Introduction - Economics Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What is the difference between short run and long run production? |  |
| 2. How does the concept of time affect production decisions? | |
Ans. The concept of time affects production decisions as it determines which inputs can be varied. In the short run, only some inputs can be adjusted, while in the long run, all inputs can be changed.
| 3. What are some examples of fixed inputs in the short run? | |
Ans. Examples of fixed inputs in the short run include capital equipment, such as machinery or buildings, that cannot be easily changed or adjusted.
| 4. Can a firm change its production capacity in the short run? | |
Ans. In the short run, a firm cannot change its production capacity as it is limited by the fixed inputs. However, it can make adjustments to its production processes within the given capacity.
| 5. How does the law of diminishing returns apply to short run and long run production? | |
Ans. The law of diminishing returns states that as more units of a variable input are added to a fixed input, the marginal product of the variable input will eventually decrease. This law applies to both short run and long run production, but its impact may be more significant in the short run where some inputs are fixed.
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