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Production And Costs

Question

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What is meant by short run (short period)?

Solution

A short period is the period of time in which a firm can change only variable factor but not fixed factors like machinery, factory building etc.

Some More Questions From Production And Costs Chapter

How will an increase in number of firms shifts the market supply curve?

What is the shape of supply curve during very short (market period)?

What is the shape of supply curve during short or long period?

What is the price elasticity associated with a straight line supply curve passing through the origin?

Name three factors that can shift a supply curve.

Give two examples where technological progress leads to a shift in the supply curve.

A new technique of production reduces the marginal cost of producing stainless steel. How will this affect the supply curve of stainless steel utensils?

Because of cyclone in a coastal area, the sea level covers a lot of rice fields. This reduces productivity of land. How will it affect supply curve of rice of that region?

Define market supply of a good.

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