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ECON550-Managerial Economics And Globalization

Questions: 1.What is ‘short run production and cost’? 2.What is ‘long run production and cost?   3.Give 1 example of short production run situation and why? 4.Give 1 example of long production run situation and why? 5.Why are costs different between ‘long run production’ and ‘short run production’? 6.How do ‘long run production costs’ vs. ‘short

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