WordNet

relating to or extending over a limited period; "short-run planning"; "a short-term lease"; "short-term credit" (同)short-term
travel rapidly, by any (unspecified) means; "Run to the store!"; "She always runs to Italy, because she has a lover there"
become undone; "the sweater unraveled" (同)unravel
the continuous period of time during which something (a machine or a factory) operates or continues in operation; "the assembly line was on a 12-hour run"
the production achieved during a continuous period of operation (of a machine or factory etc.); "a daily run of 100,000 gallons of paint"
unrestricted freedom to use; "he has the run of the house"
the act of running; traveling on foot at a fast pace; "he broke into a run"; "his daily run keeps him fit" (同)running
(American football) a play in which a player attempts to carry the ball through or past the opposing team; "the defensive line braced to stop the run"; "the coach put great emphasis on running" (同)running, running play, running game
a score in baseball made by a runner touching all four bases safely; "the Yankees scored 3 runs in the bottom of the 9th"; "their first tally came in the 3rd inning" (同)tally
a regular trip; "the ship made its run in record time"
a short trip; "take a run into town"
an unbroken chronological sequence; "the play had a long run on Broadway"; "the team enjoyed a brief run of victories"
a row of unravelled stitches; "she got a run in her stocking" (同)ladder, ravel
deal in illegally, such as arms or liquor (同)black_market
be diffused; "These dyes and colors are guaranteed not to run" (同)bleed
keep company; "the heifers run with the bulls to produce offspring" (同)consort
carry out a process or program, as on a computer or a machine; "Run the dishwasher"; "run a new program on the Mac"; "the computer executed the instruction" (同)execute
move along, of liquids; "Water flowed into the cave"; "the Missouri feeds into the Mississippi" (同)flow, feed, course
have a particular form; "the story or argument runs as follows"; "as the saying goes..." (同)go
stretch out over a distance, space, time, or scope; run or extend between two points or beyond a certain point; "Service runs all the way to Cranbury"; "His knowledge doesnt go very far"; "My memory extends back to my fourth year of life"; "The facts extend beyond a consideration of her personal assets" (同)go, pass, lead, extend
cause something to pass or lead somewhere; "Run the wire behind the cabinet" (同)lead
extend or continue for a certain period of time; "The film runs 5 hours" (同)run for
be affected by; be subjected to; "run a temperature"; "run a risk"
be operating, running or functioning; "The car is still running--turn it off!"
carry out; "run an errand"
cause an animal to move fast; "run the dogs"
cause to perform; "run a subject"; "run a process"
change from one state to another; "run amok"; "run rogue"; "run riot"
cover by running; run a certain distance; "She ran 10 miles that day"
make without a miss
move about freely and without restraint, or act as if running around in an uncontrolled way; "who are these people running around in the building?"; "She runs around telling everyone of her troubles"; "let the dogs run free"
move fast by using ones feet, with one foot off the ground at any given time; "Dont run--youll be out of breath"; "The children ran to the store"
occur persistently; "Musical talent runs in the family"
run with the ball; in such sports as football
sail before the wind
set animals loose to graze
without possessing something at the time it is contractually sold; "he made his fortune by selling short just before the crash"
the location on a baseball field where the shortstop is stationed
low in stature; not tall; "he was short and stocky"; "short in stature"; "a short smokestack"; "a little man" (同)little
lacking foresight or scope; "a short view of the problem"; "shortsighted policies"; "shortsighted critics derided the plan"; "myopic thinking" (同)shortsighted, unforesightful, myopic
at a disadvantage; "I was caught short" (同)unawares
(primarily spatial sense) having little length or lacking in length; "short skirts"; "short hair"; "the board was a foot short"; "a short toss"
at some point or distance before a goal is reached; "he fell short of our expectations"
clean across; "the cars axle snapped short"
not holding securities or commodities that one sells in expectation of a fall in prices; "a short sale"; "short in cotton"
of speech sounds or syllables of relatively short duration; "the English vowel sounds in `pat, `pet, `pit, `pot, putt are short"
primarily temporal sense; indicating or being or seeming to be limited in duration; "a short life"; "a short flight"; "a short holiday"; "a short story"; "only a few short months"
so as to interrupt; "She took him up short before he could continue"
tending to crumble or break into flakes due to a large amount of shortening; "shortbread is a short crumbly cookie"; "a short flaky pie crust"
the act of propping up with shores (同)shoring up, propping up

PrepTutorEJDIC

『走る』,駆ける / 〈人が〉(…に)『急ぐ』,突進する《+『for』(『to』)+『名』》 / 『さっと逃げる』,走り去る / 急いで(とょっと)出かける(尋ねる) / 〈乗り物が〉『走る』,(定期的に)『運行する』 / 自由に動く(動き回る) / (…に)立候補する《+『for』+『名』》 / (進行形にできない)(ある方向へ)延びている,続いている / (ある方向へ)〈植物が〉伸びている,はい延びている / 〈物事が〉『動く』,機能を働かせる / 〈事が〉続く,継続する / (ある状態,特に困った状態に)『なる』,陥る,達する / 〈記憶・考えなどが〉さっと頭(心)に浮かぶ,脳裏を走る / 〈水・砂などが〉流れる / 〈特質などが〉伝わる,遺伝する / (水などを)流す,あふれ出る《+『with』+『名』》 / 〈色・汚れなどが〉広がる,にじむ / 《米》〈編物・織物が〉ほどける,〈ストッキングが〉伝線する(《英》ladder) / 〈うわさなどが〉広まる,伝わる / 上演(上映)中である / 〈魚が〉(産卵のため)川を上る / 〈ある場所・距離〉‘を'『走る』,走って行く;〈レース〉‘を'走る / 〈人・動物〉‘を'『走らせる』,競走させる / 〈乗り物〉‘を'『走らせる』,〈公共の乗物〉‘を'『運行させる』 / …‘を'『さっと動かす』 / 〈機械など〉‘を'『動かす』,運転する / 〈液体〉‘を'流す;〈容器〉‘に'流し込む,‘を'あふれさせる / …‘を'車(船など)に乗せて走る(運ぶ) / 《しばしば副詞[句]を伴って》…‘を'ひそかに持ち込む,密輸する / 《米》(…に)〈人〉‘を'立候補させる,候補者に立てる《+『名』+『as』(『for』)+『名』》 / 〈組織〉‘を'動かす,運営する / …‘を'発行する,出す / 〈映画・劇など〉‘を'上映(上演)し続ける / 〈危険など〉‘に'身をさらす / …‘を'するすると動かす / (ある方向に)…‘を'伸ばす / 〈熱など〉‘に'冒される / …‘を'通り抜ける / 〈C〉『走ること』,駆け足;〈U〉走力 / 〈C〉『走る距離』(『時間』);行程,航程 / 〈C〉《単数形で》急ぎの(短い)旅行(訪問) / 〈C〉運行,運航,飛行 / 〈C〉(劇などの)連続公演;(ある状態の)連続,継続《+『of』+『名』》 / 〈C〉(…の)非常な売れ行き,大需要;流行;当たり《+『on』+『名』》 / 《単数形で》(…の)向き,方向;形勢,成り行き,傾向《+『of』+『名』》 / 〈C〉種類,等級;並みのもの / 〈C〉(液体の)流出《+『of』+『名』》 / 〈C〉《米》(靴下などの)伝線,ほつれ / 〈C〉《the ~》出入りの自由 / 〈C〉(家畜の)囲い場,放牧場
(長さ・時間・距離などが)『短い』,近い・(人が)『背が低い』・(数量・期間などが)不足の』,乏しい;目標(標準)に達しない・(文などが)『簡潔な』,手短な・『そっけない』,ぞんぞいな,無愛想な・(ケーキなどが)かりかりする,さくさくする・(母音・音節が)短い;(詩の行の母音が)強勢のない・急に,突然・短いもの;欠けているもの・短篇映画(short movie, short subject) ・=short circuit・《複数形で》不足,欠損 / …‘を'短絡させる,ショートさせる / 短絡する,ショートする
半ズボン,ショートパンツ / 《おもに米》(男物下着の)パンツ
roentgen / recto

Wikipedia preview

出典(authority):フリー百科事典『ウィキペディア（Wikipedia）』「2012/12/22 05:45:30」(JST)

wiki en

"Long run" redirects here. For other uses, see Longrun (disambiguation).

In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production as to changing the output level by changing the capital stock or by entering or leaving an industry. The long run contrasts with the short run, in which some factors are variable and others are fixed, constraining entry or exit from an industry. In macroeconomics, the long run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short run when these variables may not fully adjust.^[1]

Long run

In the long run, firms change production levels in response to (expected) economic profits or losses, and the land, labor, capital goods and entrepreneurship vary to reach associated long-run average cost. In the simplified case of plant capacity as the only fixed factor, a generic firm can make these changes in the long run:

enter an industry in response to (expected) profits
leave an industry in response to losses
increase its plant in response to profits
decrease its plant in response to losses.

Long-run average-cost curve with economies of scale to Q2 and diseconomies of scale thereafter.

The long run is associated with the long-run average cost (LRAC) curve in microeconomic models along which a firm would minimize its average cost (cost per unit) for each respective long-run quantity of output. Long-run marginal cost (LRMC) is the added cost of providing an additional unit of service or commodity from changing capacity level to reach the lowest cost associated with that extra output. LRMC equalling price is efficient as to resource allocation in the long run. The concept of long-run cost is also used in determining whether the long-run expected to induce the firm to remain in the industry or shut down production there. In long-run equilibrium of an industry in which perfect competition prevails, the LRMC = Long run average LRAC at the minimum LRAC and associated output. The shape of the long-run marginal and average costs curves is determined by economies of scale.

The long run is a planning and implementation stage.^[2]^[3] Here a firm may decide that it needs to produce on a larger scale by building a new plant or adding a production line. The firm may decide that new technology should be incorporated into its production process. The firm thus considers all its long-run production options and selects the optimal combination of inputs and technology for its long-run purposes.^[4] The optimal combination of inputs is the least-cost combination of inputs for desired level of output when all inputs are variable.^[3] Once the decisions are made and implemented and production begins, the firm is operating in the short run with fixed and variable inputs.^[3]^[5]

Short run

All production in real time occurs in the short run. The short run is the conceptual time period in which at least one factor of production is fixed in amount and others are variable in amount. Costs that are fixed, say from existing plant size, have no impact on a firm's short-run decisions, since only variable costs and revenues affect short-run profits. Such fixed costs raise the associated short-run average cost of an output leveong-run average cost if the amount of the fixed factor is better suited for a different output level. In the short run, a firm can raise output by increasing the amount of the variable factor(s), say labor through overtime.

A generic firm already producing in an industry can make three changes in the short run as a response to reach a posited equilibrium:

increase production
decrease production
shut down.

In the short run, a profit-maximizing firm will:

increase production if marginal cost is less than marginal revenue (added revenue per additional unit of output;
decrease production if marginal cost is greater than marginal revenue;
continue producing if average variable cost is less than price per unit, even if average total cost is greater than price;
shut down if average variable cost is greater than price at each level of output.

Transition from short run to long run

The transition from the short run to the long run may be done by considering some short-run equilibrium that is also a long-run equilibrium as to supply and demand, then comparing that state against a new short-run and long-run equilibrium state from a change that disturbs equilibrium, say in the sales-tax rate, tracing out the short-run adjustment first, then the long-run adjustment. Each is an example of comparative statics. Alfred Marshall (1890) pioneered in comparative-static period analysis.^[6] He distinguished between the temporary or market period (with output fixed), the short period, and the long period. "Classic" contemporary graphical and formal treatments include those of Jacob Viner (1931),^[7] John Hicks (1939),^[8] and Paul Samuelson (1947).^[9]

The law of diminishing marginal returns

The law of diminishing marginal returns to a variable factor applies to the short run.^[10] It posits an effect of decreased added or marginal product of from variable factors, which increases the supply price of added output.^[11] The law is related to a positive slope of the short-run marginal-cost curve.^[12]

Macroeconomic usages

The usage of 'long run' and 'short run' in macroeconomics differs somewhat from the above microeconomic usage. J.M. Keynes (1936) emphasized fundamental factors of a market economy that might result in prolonged periods away from full-employment.^[13] In later macro usage, the long run is the period in which the price level for the economy is completely flexible as to shifts in aggregate demand and aggregate supply. In addition there is full mobility of labor and capital between sectors of the economy and full capital mobility between nations. In the short run none of these conditions need fully hold. The price is sticky or fixed as to changes in aggregate demand or supply, capital is not fully mobile between sectors, and capital is not fully mobile to interest rate differences among countries & fixed exchange rates.^[14]

A famous critique of neglecting short-run analysis was by John Maynard Keynes, who wrote that "In the long run, we are all dead," referring to the long-run proposition of the quantity theory of, for example, a doubling of the money supply doubling the price level.^[15]

Footnotes

^ Paul A. Samuelson and William D. Nordhaus (2004). Economics, 18th ed., [end] Glossary of Terms, "Long run" and "Short run."
^ Melvin & Boyes, 2002. Microeconomics, 5th ed., p. 185. Houghton Mifflin.
^ ^a ^b ^c Boyes, W., 2004. The New Managerial Economics, p. 107. Houghton Mifflin.
^ Melvin & Boyes, 2002. Microeconomics, 5th ed., p. 185. Houghton Mifflin.
^ Perloff, J, 2008. Microeconomics Theory & Applications with Calculus, p. 230. Pearson .
^ • John K. Whitaker, 2008. "Marshall, Alfred (1842–1924)," Price determination and period analysis, The New Palgrave Dictionary of Economics, 2nd Edition.
• Alfred Marshall, [1890] 1890. Principles of Economics, Macmillan.
^ Jacob Viner, 1931. "Costs Curves and Supply Curves," Zeitschrift für Nationalölkonomie, 3, pp. 23-46. Reprinted in R. B. Emmett, ed. 2002, The Chicago Tradition in Economics, 1892-1945, Routledge, v. 6, pp. 192- 215.
^ J.R. Hicks, 1939. Value and Capital: An Inquiry into Some Fundamental Principles of Economic Theory, Oxford.
^ Paul A. Samuelson, 1947. Foundations of Economic Analysis, Harvard University Press.
^ Melvin & Boyes, 2002.Microeconomics, 5th ed. p. 185 Houghton Mifflin.
^ Pindyck, R., & Rubinfeld, D., 2001. Microeconomics, 5th ed., p. 185. Prentice-Hall. ISBN 0-13-019673-8
^ While the law does not directly apply in the long run it is not irrelevant. The long run is the planning phase. A manager deciding which of several plants to build would want to know the shape of the SR cost curves associated with each of these plants. Marginal diminishing returns are related to the shape of the short-run marginal and average cost curves. Thus the law indirectly effects long-run decision making per R. Pindyck & D. Rubinfeld, 2001, Microeconomics, 5th ed., pp. 185-86. Prentice-Hall.
^ • Carlo Panico and Fabio Petri, 2008. "long run and short run," Short- and long-period in Keynes, The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
• John Maynard Keynes, 1936. The General Theory of Employment, Interest and Money, pp. 4-5.
^ N. Gregory Mankiw, 2002. Macroeconomics, 5th ed. pp. 240, 120, and 327-329.
^ J. M. Keynes, 1923. A Tract on Monetary Reform, p. 65. Macmillan.

References

Armen, Alchian, 1959. "Costs and Outputs," in M. Abramovitz, ed., The Allocation of Economic Resources, ch. 2, pp. 23-40. Stanford University Press. Abstract.
- Hirshleifer, Jack, 1962. "The Firm's Cost Function: A Successful Reconstruction?" Journal of Business, 35(3), pp. 235-255.
Boyes, W., 2004. The New Managerial Economics, Houghton Mifflin. ISBN 0-395-82835-X
Melvin & Boyes, 2002. Microeconomics, 5th ed. Houghton Mifflin.
Panico, Carlo, and Fabio Petri, 2008. "long run and short run," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
Perloff, J, 2008. Microeconomics Theory & Applications with Calculus. Pearson. ISBN 978-0-321-27794-7
Pindyck, R., & D. Rubinfeld, 2001. Microeconomics, 5th ed. Prentice-Hall. ISBN 0-13-019673-8
Viner, Jacob, 1940. "The Short View and the Long in Economic Policy," American Economic Review, 30(1), Part 1, pp. 1-15. Reprinted in Viner, 1958, and R. B. Emmett, ed. 2002, The Chicago Tradition in Economics, 1892-1945, Routledge, v. 6, pp. 327- 41. Review extract.
Viner, Jacob, 1958. The Long View and the Short: Studies in Economic Theory and Policy. Glencoe, Ill.: Free Press.

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