Explaining the Short Run and the Long Run in Economics

Many an A-level economics student has wondered about the difference between the long run and the short run in micro economics. When are we looking at the short run? How long is it? When does the short run become the long run? Key point is that the short run and the long run are conceptual time periods - they are not set in terms of weeks, months and years etc. Indeed the length of the short run will depend on the nature of the supply process industry by industry.
#aqaeconomics #ibeconomics #edexceleconomics

[@user-lo9yc8mt4n]

Thank you! Finally understand short run and long run!

[@Howto-ps3rm]

can you explain cost components that certainly do not exist in long run?

[@oguzalkaya3624]

Thank you sir

[@tutor2u-official]

Welcome

[@user-kd8ji7rt4c]

Anthony Hopkins: there is one imposter among us

[@kurtandrewjonsay4600]

Thank you, really help in my Project

[@tutor2u-official]

Great to hear! Good luck with your project!

[@kurtandrewjonsay4600]

@@tutor2u-official God bless :) and thank you

[@kagayakuangel5828]

Thank you, very interesting. (Math major not economics, but researching education and industrialisation in the Bahamas).
Hmmm...I wonder if Covid is here for the long run or the short run...it already extended its time past the very short run, it needs to go NOW. lol

[@PrasannjeetSingh]

Wow you sound like Jason Statham!! Thanks for the video btw!

[@tutor2u-official]

Wow, thanks! That's the nicest thing I have heard today - thanks Prasannjeet.

[@tutor2u-official]

instagram.com/tutor2uecon/

[@sreekarroy3082]

Hi there, can you please let me know if demand for electricity is elastic or in-elastics in long run?

[@tutor2u-official]

Demand will likely remain price inelastic in the long run because there are not many close substitutes.

[@aaaaaaa6954]

Is this for edexcel economics B? Thanks

[@siwamkelekula]

Thank you sir

[@tutor2u-official]

So nice of you