short run

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Related to short run: long run

Short Run

Informal for short term.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Accepting the view that in the short run happiness increases at a decreasing rate as income increases, but is not affected by income changes in the long run, I now introduce loss aversion to argue that transferring income from the rich to the poor is, in the short run, likely to reduce the happiness of the wealthy by more than it increases the happiness of the poor.
And the finding of coexistence of positive long-run effects and negative short-run effects implies that even though financial liberalization hinders international trade in the short run, it eventually leads to higher integration with international goods markets in the long run.
First estimation (of 100-250Kwh block) results show that short run income elasticities is 0.15 and long run income elasticity is 2.20, whereas the short run and long run price elasticities are -0.03 and -0.44 respectively.
Ford scored a 74 during his long-run attempt, which would have secured a spot in the short run. But Ford accepted a re-ride option because his bull fell down in the arena during the ride, which turned out to be a mistake.
Of course, the simple destruction of so much space in Lower Manhattan exacerbated the disequilibrium, at least in the short run. They also suggest that some of the actions taken since by the local government, including residential subsidies in Lower Manhattan and support for accelerated commercial development of the West Side near Midtown, have provided a clear signal of intentions and have "led to marked increases in the Midtown premium for business locations and the Downtown residential premiums." It would then seem to follow that Lower Manhattan will become a more residential area over time, while Midtown will become more of a location for commercial development.
When the low and high inventory variables are incorporated in a single equation model to forecast the West Texas Intermediate crude oil spot price in the short run, we find the model fit is improved over a linear model when judging by the usual statistical measures and that its forecast ability enhanced for both in-sample and out-of-sample forecasts, particularly at the high prices.
Custom cold feed extruders are designed to serve the lean manufacturing and short run profile venues.
The answer, the researchers say, is not to engage in false economies by saving dollars in the short run through ignoring or cutting programs to help families, but to invest more in effective prevention and treatment programs, particularly in early intervention programs, which lower the overall costs of child abuse and provide "the greatest chance" for a "reduction of the multiplier effects consequent to abuse."
On one hand, specialties tend to be high margin grades; on the other, they tend to be short run with fussy customers.
In the short run, the bill would nullify a decision of the 11th U.S.
Digital, Short Run, Photographic Quality Full Color Pressure Sensitive Roll Labels are now available from MPI Label Systems.