CBSE Class 11-commerce Answered
What is short run?in which phase of law of variable proportion a rational producer will operate in the short run
Asked by Shivamjha371 | 23 Mar, 2019, 09:41: AM
Expert Answer
Short run is a time period during in which a firm makes changes in its production of its variable factors but not its fixed factors.
In the short run, fixed inputs such as land, mavhinery, building etc cannot be changeda where as variable factors such as labour, raw materials etc can be changed.
A rationale producer will operate during stage 2 where he maximise his TP and make optimum use of his factors. Any further increase in the variable factor will cause AP and MP to decline.
Answered by Christina | 23 Mar, 2019, 11:39: AM
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