Answer to Question #44655 in Microeconomics for Tori
In a short run production function at least one of the inputs is fixed. In the long run all factor inputs are variable at the discretion of management. I agree with the statement "short-run and longrun are not defined here in terms of a specific time,rather these are defined in terms of the variability of the factors of production", because the production function is defined by its inputs, but not by the specific time.
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