Is the long run the same calendar time for all firms

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1. Is the "long run" the same calendar time for all firms? Explain.

2. You want to estimate the cost of materials used to produce a particular product. According to accounting reports, you initially paid $50 for the materials that are necessary to produce each unit. Is $50 a good estimate of your current production costs? Explain.

Reference no: EM13921658

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