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Answer in Microeconomics for Bijay ray #109444

Author:
April 21st, 2023

In the short run the costs of the firm can be divided into the fixed and variable ones. The fixed costs are connected with the inputs that are unchangable (the cost of equipment, for example). The long run in microeconomics is the period of time when all the inputs of production become variable (the firm can change the volume of capital).

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