Homework Answers
Answer: Long-run
I am in long-run production . In the long-run all the factors of production are variable, and the firm can change its plant size that depends on the quantity of production, the firm wants to produce.The plant size can not be changed in the short-run.
The price of my product has risen, and will remain high in foreseeable future. So I think it's profitable to produce more of my product. As I want to produce more, I need to change the current plant of production. So I hire more workers, and buy more raw materials to increase the production. To increase my production, I build a second plant whose capacity of production is higher than the previous plant. Over the time, I may change my plant size again to increase my production.So, I'm in long-run production.
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am right?
Thank you,
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