Scenario 5.1
The demand for noodles is given by the following equation: Q = 20 - 4P + 0.2I - 2P x . Assume that P = $8, I = 200, and P x = $10.
-The actual or chronological time for the short and the long run does not vary from industry to industry.

Question

Quizplus · Accepted Answer

The actual or chronological time defining short and long run can vary significantly from industry to industry, depending on factors such as the nature of the production process, the speed of technological change, and the time it takes to alter the capital stock.

Scenario 5.1 The Demand for Noodles Is Given by the Following Equation