Question

What is the distinction between short run production function and long run production function? Explain with example and diagram the various stages of total product associated with law of variable proportions.

28 Jul 2022
Answer :
Word Count : 566

A short-run production function refers to that period of time, in which the installation of new plant and machinery to increase the production level is not possible. On the other hand, the Long-run production function is one in which the firm has got sufficient time to instal new machinery or capital equipment, instead of increasing the labour units.

The production function can be described as the operational relationship between the inputs and outputs, in the sense that the maximum amount of finished goods that can be produced with the given factors of production, under a particular state of technical knowledge. ____ ____ __________ ___ _______ ________ _____ ____ ________.
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Related Questions

Given the utility function of a consumer, U = 4 A0.5 B 0.5, he spends all his income amounting Rs. 120 on the two goods A and B. Good A costs Rs. 10 a unit and B Costs Rs. 15. What combination of A and B will be purchased by him?

 Distinguish between substitution effect and Income effect. Make a comparison with illustration between Slusky’s approach and Hicksian approach to decompose the price effect into substitution effect and income effect. 

Given a firms’ demand schedule P = 200 – 2q and its total cost function TC = 2
3

Given the utility function of a consumer, U = 4 A0.5 B 0.5, he spends all his income amounting Rs. 120 on the two goods A and B. Good A costs Rs. 10 a unit and B Costs Rs. 15. What combination of A and B will be purchased by him?

(b) Consider a consumer with the utility function given by U(X, Y) = XY where X and Y represent the two goods of consumption priced at Px and Py, respectively. The income of this consumer is assumed Rs 120, Px = Rs. 3 and Py = Rs.1. Suppose price of good X falls to Rs. 2.50, what will be its impact on consumption quantities of both the goods. 

. Consider A Firm facing the demand schedule P = 190 – 0.6q and the total cost function
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