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Write Short notes: (1) Short Run Production Function. (2) Long Run Production Function.
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written 3.6 years ago by
prajapatijaimin
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Solution:
(1) Short Run Production Function:
In the short run, the technical conditions of production are rigid so that the various inputs used to produce a given outputs are in fixed proportions.
However, in the short run, it is possible to increase the quantities of one input while keeping the …
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