Identify one company and the type of business (restaurant, gas station, etc.) What do you think are the fixed factors of production for the short run?
Consider a Restaurant.
Fixed factors of production are those that cannot be increased in the short run
In a restaurant they include;The cookers,that is ,the machines used for cooking
The land,The land the restaurant is operating from is also fixed in the short run
In Micro-economic theory,Generally capital is fixed in the short run.
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