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Q. Explain the Short run production function?
Discussion of production up to now has ignored the time required to build production facilities. There is a requirement to take into consideration the time factor in discussion on the production. So in this section we consider the behaviour of production in the long-run and short-run.
The short run is a phase in that organisation can alter manufacturing by changing variable factors like labour and supplies though cannot change fixed factors like capital.
what is the theory of firm?
define scarcityand oppurtunity cost.show how these concepts are useful in managerial decision making
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Managerial Economics helps create utility for the Society.
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