ECONOMICS

Detailed explanation-1: -The short run is a concept that states that, within a certain period in the future, at least one input is fixed while others are variable. In economics, it expresses the idea that an economy behaves differently depending on the length of time it has to react to certain stimuli.

Detailed explanation-2: -The short-run cost comprises both the fixed cost (that do not differ with the change in the degree of end results) and variable cost (that differs with the changes in the level of degree of end results). Some factors remain constant or fixed due to the time restrictions forced on an establishment.

Detailed explanation-3: -The short run refers to a time in the future where one or more inputs will be fixed and others are variable. The short run does not refer to a specific time, rather, it refers to the form or company being studied.

Detailed explanation-4: -It is a false statement that in the short run, all costs are fixed cost. It is the period in which there are both fixed and variable cost.

Detailed explanation-5: -In the short run one factor of production is fixed, e.g. capital. This means that if a firm wants to increase output, it could employ more workers, but not increase capital in the short run (it takes time to expand.)