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  2. Long run and short run - Wikipedia

    en.wikipedia.org/wiki/Long_run_and_short_run

    Marshall's original introduction of long-run and short-run economics reflected the 'long-period method' that was a common analysis used by classical political economists. However, early in the 1930s, dissatisfaction with a variety of the conclusions of Marshall's original theory led to methods of analysis and introduction of equilibrium notions.

  3. Production function - Wikipedia

    en.wikipedia.org/wiki/Production_function

    In the short run, production function at least one of the 's (inputs) is fixed. In the long run, all factor inputs are variable at the discretion of management. Moysan and Senouci (2016) provide an analytical formula for all 2-input, neoclassical production functions. [4]

  4. Cost curve - Wikipedia

    en.wikipedia.org/wiki/Cost_curve

    A short-run marginal cost (SRMC) curve graphically represents the relation between marginal (i.e., incremental) cost incurred by a firm in the short-run production of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables ...

  5. Profit maximization - Wikipedia

    en.wikipedia.org/wiki/Profit_maximization

    The principal difference between short run and long run profit maximization is that in the long run the quantities of all inputs, including physical capital, are choice variables, while in the short run the amount of capital is predetermined by past investment decisions. In either case, there are inputs of labor and raw materials.

  6. Economies of scale - Wikipedia

    en.wikipedia.org/wiki/Economies_of_scale

    Each of these factors reduces the long run average costs (LRAC) of production by shifting the short-run average total cost (SRATC) curve down and to the right. Economies of scale is a concept that may explain patterns in international trade or in the number of firms in a given market.

  7. Diminishing returns - Wikipedia

    en.wikipedia.org/wiki/Diminishing_returns

    The point of diminishing returns can be realised, by use of the second derivative in the above production function. Which can be simplified to: Q= f(L,K). This signifies that output (Q) is dependent on a function of all variable (L) and fixed (K) inputs in the production process. This is the basis to understand.

  8. Long position vs. short position: What’s the difference in ...

    www.aol.com/finance/long-position-vs-short...

    Going long vs. going short. The distinction between going long and going short is brief but important: Being long a stock means that you own it and will profit if the stock rises.

  9. Returns to scale - Wikipedia

    en.wikipedia.org/wiki/Returns_to_scale

    In the long run, all factors of production are variable and subject to change in response to a given increase in production scale. In other words, returns to scale analysis is a long-term theory because a company can only change the scale of production in the long run by changing factors of production, such as building new facilities, investing ...