A long period is that period in which the producer can make all required changes in each factor of production.
Cost and output are closely related because they affect each other. Time element plays an important role in the price determination of a firm’s cost.
What is Cost Concept? Cost and output analysis is related to the production function, factor prices and efficiency of the…
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What is Self Development? Self development differs from person to person. It is a subjective and relative concept. The word…
What is Returns to Scale? The changes in total output on account of the change in the factors of production…
What is ISO Product Curve? An iso product curve is a locus of various combinations of two factors of production…
Simply communication studies, the discipline was formed from three other major studies: psychology, sociology and anthropology.
