short run


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Related to short run: long run

Short Run

Informal for short term.

short run

an abstract time period within the THEORY OF SUPPLY in which some FACTOR INPUTS are fixed (FIXED FACTOR INPUTS like plant and machinery) and output can be adjusted only by changing the quantities of VARIABLE FACTOR INPUTS used (for example, raw materials, labour).

In practice, what is defined as the short run can vary greatly from industry to industry For example, in the petrochemical industry it can take five years or more to commission, build and run in a new plant so that any expansion of output within this term can be achieved only by increasing the throughput from existing plants. By contrast, in the fashion garment-making industry it may be possible to buy and install new sewing machines within a few weeks so that in this industry the short-run might be a month or less. Compare LONG RUN. See also RETURNS TO THE VARIABLE-FACTOR INPUT.

References in periodicals archive ?
This leaves us with the possibility that most of the money transferred by government from those with higher to those with lower incomes is reducing happiness in the short run and leaving it unchanged in the long run.
The evidence thus indicates that stock market development is conducive to greater international trade not only in the long run but also in the short run.
Defining the short run as a period in which no new construction occurs, fungibility between the two types of housing would result in a short-run equilibrium between housing prices and rents, which might not correspond to the exact relationship assumed in the example.
The results also indicate that in the short run, changes in the real funds rate have considerable effects on the nominal rate.
In fact, many texts appear to reinforce misunderstanding when they explain that the short run is a period so short that only the variable factors of production can be varied as is the case in the standard Q = F (K,L) total product function, when only L can be varied in the short run.
It is important to point out that in the short-run functions, illegal sales and the current value shadow price of illegal sales are parametric to the government, that is, they are taken as given in the short run, but not the long run.
Although this development is having a contractionary influence on the economy in the short run, over a longer period the productive resources freed in this process will find employment in the private sector contributing to capital formation and the growth potential of the economy.
All Short Run Pro metal manufacturing services are provided through production facilities in the United States.
However, there is no question that the number of orders for smaller quantities has risen, as our ability to meet the needs of short run customers has grown.
Our new design platform was created specifically for the PCI, EISA and ISA bracket market," said Ron Cyrier, CTO of Short Run Pro.
The OKI Data Americas and Mark Andy partnership capitalizes upon both parties core competencies and represents a tactical approach for the provision of short run digital color printing solutions to the graphic arts and production market, said Rich Egert, general manager of the Strategic Technology Provider Business Group for OKI Data Americas.
Second, these changes in interest rates generally imply changes in real rates in the short run because wage and price expectations adjust only sluggishly.