Unlock the Secret Behind Running a Firm in Short and Long Runs
A firm may operate to maximize its profits. However, the main objective of a firm is to equate the marginal revenue to the marginal cost. A firm would sustain its production until the above objective is reached.Whether we focus on the short run or the long run, an equilibrium needs to be attained in order to run successfully. Taking equilibrium in the short run and the long run homework help could be fruitful to you to learn it.
What is short run and long run?
For a firm, the short run is the time period when all the dynamics of production and costs are adaptable. It is not a precise period of time but rather exceptional to the firm. For a firm, the long run is the time period then all the dynamics of production and costs are stable. The firm is able to adjust all its costs in this period.
Impact of short run and long run on the prices and output.
In the former, the increase/decrease in demand will cause prices and output to increase/decrease. In the latter, the increase/decrease in demand will cause output to increase/decrease. All firms aim to achieve an equilibrium in the short run and the long run. For school assignments, it is advisable to take equilibrium in the short run and the long run assignment help in order to learn it thoroughly.
Why do firms need to obtain an equilibrium in the short and long runs?
As the characteristics and requirements of a firm are different in the short run and the long run, it is imperative to achieve an equilibrium in order to operate profitably.An equilibrium is required because even though the output is adjusting with the demand but the prices are fluctuating. In order to learn the concept of achieving such an equilibrium from a firm’s perspective, you can always rely on equilibrium in the short run and the long run homework help.
How to obtain an equilibrium in the short run and the long run?
Although, it is only a theoretical concept to reach an equilibrium due to various factors (change of prices with demand and supply, for instance), yet it is sought after by all the firms in order to equate the marginal cost to the marginal revenue. With equilibrium in the short run and the long run assignment help you can learn the nuances of achieving such an equilibrium with your homework.
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