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In order to maximize profits, it's important to consider both short-run and long-run planning. In the short run, some inputs are fixed, with labor being
In order to maximize profits, it's important to consider both short-run and long-run planning. In the short run, some inputs are fixed, with labor being the only variable factor of production. However, with the ability to vary all inputs in the long run, businesses can make more significant changes to their operations and equipment. By making the most of existing physical operations and equipment in the short run, businesses can increase their profitability and set themselves up for long-term success
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