The short run production function is one in which at least is one factor of production is thought to be fixed in supply, i.e. There are barriers to entry and the firms can shut down but cannot fully exit.ĭefinition of Short Run Production Function Long run production function connotes the time period, in which all the factors of production are variable. Short run production function alludes to the time period, in which at least one factor of production is fixed. Content: Short Run Production Function Vs Long Run Production Function The article presents you all the differences between short run and long run production function, take a read. There are two kinds of the production function, short run production function and long run production function. The production function can be described as the operational relationship between the inputs and outputs, in the sense that the maximum amount of finished goods that can be produced with the given factors of production, under a particular state of technical knowledge.
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