Impact of the shrinking world

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Reference no: EM138790

Q1. How short is the short-run production period?
Enlighten cost advantage of a firm operating at constant returns to scale

Q2. What is the impact of the shrinking world on whether small to medium sized businesses should engage in international trade?

Q3. Explain the statement, "Fixed costs exist only in the short run. In the long run there are no fixed costs."Why might the time frame for the "short run" differ from one industry to the next? Provide examples of two industries with the different time frames for the short run. Enlighten why this is the case?

Reference no: EM138790

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