Notes>Microeconomics>1.5 Theory of the Firm (HL)

1.5.1: Cost, Revenue and Profit Theory (HL only)

Definitions   Short run is the period of time in which one factor of production is fixed. All production takes place in the short run. Long run is the period of time in which all factors of production are variable. All planning takes place in the long run. Law of...

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Production and costs

Production and costs Long run: period of time in which all factors of production are variable. All planning takes place in the long run. Short run: period of time in which at least one factor of production is fixed. All production takes place in the short run. The...

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