Long period analysis, Microeconomics

Assignment Help:

LONG PERIOD ANALYSIS:

Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. Here in this part, we assume both L and K to be variable factors. Therefore, the production function would be: 

           q = F(L, K) 

The producer can now employ L and K units at her will to produce output q as per the production technology. Therefore, in the K - L input space the producer can choose any combination of K and L to produce output.  

750_LONG PERIOD ANALYSIS.png


Related Discussions:- Long period analysis

Protec tionism and free trade, what is the south africas governments standp...

what is the south africas governments standpoint on international trade

National income accounting, National income accounting: Final Goods: ...

National income accounting: Final Goods: Final goods are goods and services which are being purchased for final use and not for resale or further processing or manufacturing

Oligopoly, large firms charge the price which is higher than the small firm...

large firms charge the price which is higher than the small firms, contruct the diagram

Current event, Select a news article dated within the previous two months a...

Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class

Expanding healthcare infrastructure, what is the demand when expanding heal...

what is the demand when expanding healthcare infrastructure?

?market demand curves, Market Demand Market Demand Curves - A curve ...

Market Demand Market Demand Curves - A curve which relates the quantity of a good that all the consumers in a market buy to price of that good. Determining Market Demand

Oparation research, discuss the significance of paration research

discuss the significance of paration research

Explain the relationship between money supply and inflation, Problem 1: ...

Problem 1: a. Describe the term ‘inflation' and explain the relationship between money supply and inflation. b. Describe the conditions and processes that are associated wi

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd