|
|
PLANNING PERIOD: The period of time in which a firm selects the profit-maximizing plant size in the long run when all inputs, especially capital, are variable. This is, in other words, another term for the long run, but applied to the adjustment using the long-run average cost curve.
Visit the GLOSS*arama
|
|

|
|
|
SHORT RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which at least one input under the control of a firm used in the production process is variable and at least one input is fixed. In the short run, the variable input is usually labor and the fixed input is capital. The short-run analysis of production reveals the law of diminishing marginal returns and provides an understanding of the upward-sloping supply curve and the law of supply. This is one of four production time periods used in the study of microeconomics. The other three are long run, very long run, and very short run (or market period). The short run is also a time period designation used in the macroeconomic analysis of business cycles.
Complete Entry | Visit the WEB*pedia |


|
|
RED AGGRESSERINE [What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for jovial bank tellers. Your Complete Scope
This isn't me! What am I?
|
|
|
More money is spent on gardening than on any other hobby.
|
|
|
"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it." -- Dr. Joyce Brothers
|
|
G-10 Group of Ten
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|