Distinguish between:(i)Variable factors and fixed factors(ii) Short ru

1.	Distinguish between:(i)Variable factors and fixed factors(ii) Short run and long run
Answer» <html><body><p></p>Solution :(i) Variable factors are the factors of production which vary with the level of <a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a>. For example, Labour and Raw material.<br/>Fixed factors are the factors which remain fixed throughout the production <a href="https://interviewquestions.tuteehub.com/tag/process-11618" style="font-weight:bold;" target="_blank" title="Click to know more about PROCESS">PROCESS</a>. For example, <a href="https://interviewquestions.tuteehub.com/tag/land-539118" style="font-weight:bold;" target="_blank" title="Click to know more about LAND">LAND</a> and Machinery.<br/>(ii) Short <a href="https://interviewquestions.tuteehub.com/tag/run-1192138" style="font-weight:bold;" target="_blank" title="Click to know more about RUN">RUN</a> is a <a href="https://interviewquestions.tuteehub.com/tag/time-19467" style="font-weight:bold;" target="_blank" title="Click to know more about TIME">TIME</a> period where some factors of production are fixed and some are variable whereas long run is a time period wherein all the factors of production are variable.</body></html>

Distinguish between:(i)Variable factors and fixed factors(ii) Short run and long run