What is long run in economics?

Long run: Quantity of labor, the quantity of capital, and production processes are all variable (i.e. changeable). The long run is sometimes defined as the time horizon over which there are no sunk fixed costs. In general, fixed costs are those that don't change as production quantity changes.

What is the long run and short run in microeconomics?

In short, the long run and the short run in microeconomics are entirely dependent on the number of variable and/or fixed inputs that affect the production output. Consider the example of a hockey stick manufacturer. A company in that industry will need the following to manufacture its sticks:

What is long and short economics?

However, there is no hard and fast definition as to what is classified as "long" or "short" and mostly relies on the economic perspective being taken. 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.