Meaning of Short Run and the Long Run | Class 11 Microeconomics | Ecoholics скачать в хорошем качестве

Meaning of Short Run and the Long Run | Class 11 Microeconomics | Ecoholics

What does Short Run and the Long Run mean? There are different periods in economics. The most prominent among them are the short run and long run. These are the concepts that involve many factors of production. Let us know more about the long run and the short run in the following points: Short run: In the short run scenario, any one of the factors associated with production is fixed. For achieving more output, the firms may change the level of other factors necessary for production. The factors that remain fixed are known as the fixed factors of production, while the variable factors are known as the variable factors of production. An example of a short run can be a company, ABC, which is able to produce 10 cars in a day and looks to produce more cars (15 cars per day) by using the available infrastructure due to increased demand during the season. Long run: In the long run, the factors associated with production, and also the associated costs, are variable. In this period, a firm achieves flexibility in making decisions. In addition to that, a firm can expect more competition in the long run. An example of a long run can be of the same company, ABC, permanently looking to expand the production capacity of cars instead of only during the season. It requires new land, labour, and equipment in addition to the existing infrastructure. Ecoholics is the largest platform for economics. Download our app: http://ecoholics.in/mobile-app/ Visit our website for further information and resources: http://ecoholics.in/ To Subscribe for Courses - https://subscription.ecoholics.in/ Reach out to us on Whatsapp for further information: https://wa.me/917880107880 If you’re preparing for competitive exams like UPSC IES, RBI DPER or UGC NET then Ecoholics is the one-stop destination for all your learning needs. Study economics the smart way and get an in-depth understanding of this dynamic subject with our holistic approach. Our team of expert faculties help you polish your knowledge and provides you with one-on-one mentorship and doubt-clearing sessions, so you leave no stone unturned when it comes to your preparation. By signing up with us, you can access our live classes, video lectures, test series and get the hard copy of study material delivered to your doorstep, so your preparation never hits a bump! Follow our social media handles to stay updated on all things economics. Follow Ecoholics on Twitter-   / ecoholics_in   Follow Ecoholics Facebook Group -   / 41907.  . Follow Ecoholics Facebook Page -   / ecoholics8   Follow Ecoholics on Instagram:   / ecoholics.in   Follow Ecoholics on Telegram: https://t.me/ecoholicsbysanat Become a Member of Largest Community of Economics: https://ecoholics.in/become-a-member/ #Ecoholics #ShortRun #LongRun #Microeconomics #economics #production #class11 #fixedfactorsofproduction #fixedfactorsofproduction #principleofeconomics #economics #economic #economists #upsc #rbi #indianeconomicsservice #ias #iitjam #gateeconomics #ugcnet #ugc #jrf #economy #unionpublicservicecomission #ignou #dse #jnu #maentrance #pgentrance