Short and Long Run
Short and Long Run
Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?
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In economics, for economic activity to take place, there must be factors of production which are considered as inputs. Some of these variable inputs can be changed within a very short period while others can only be replaced after an extended period and this brings the issue of short-run and long-run. According to Amacher and Pate (2013), the short run is a period which is……………….
APA 332 words