Consider a firm production decision in both the short-run and long-run. Explain what type of input costs might be fixed in the short-run and which might be variable in the long-run. Provide one example of each.

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Anne Gillian DueroLv10

28 Sep 2019

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Consider Patâs Pizza Restaurantâs production decision in both the short-run and longârun. Pat wants to improve the productivity of the firm in the long run. Explain the types of input costs that might be fixed in the shortârun and types of costs that may be variable in the longârun. Provide examples for fixed inputs and variable inputs as well as fixed costs and variable costs for the Restaurant in the short run. What long run economic decisions should Pat make to increase productivity, minimize costs, and maximize profit?

Marginal Product of Capital	4,000
Marginal Produce of Labor	100
Wage Rate	$10
Rental Price of Pizza Ovens	$500

The term shutdown

and the term exit both refer to short-run decisions that a firm might make.

and the term exit both refer to long-run decisions that a firm might make.

refers to a short-run decision that a firm might make, whereas the term exit refers to a long-run decision that a firm might make.

refers to a long-run decision that a firm might make, whereas the term exit refers to a short-run decision that a firm might make.

ceruleanoyster399

24. To economists, the main difference between the short run and the long run is that a. the law of decreasing marginal returns applics in the long run but not in the short run. b. in the short run, all inputs are fixed while in the long run all inputs are variable. c. fixed costs are more important to decision making in the long run than they are in the short run. d. in the long run all inputs are variable while in the short run at least one input is fixed. e. a and d.

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Consider a firm production decision in both the short-run and long-run. Explain what type of input costs might be fixed in the short-run and which might be variable in the long-run. Provide one example of each.

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