Question: What is the difference between the short-run and long-run production periods? Why is it relevant to the economics analysis of firms? If different types of

What is the difference between the short-run and long-run production periods? Why is it relevant to the economics analysis of firms? If different types of inputs are not as easy to adjust in a certain time period, what difference does this make to the graphs of cost curves for economic analysis? (Feel free to explain with an example)

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