SHORT RUN VS LONG RUN Production Function:

SHORT PERIOD PRODUCTION FUNCTIONS: The time period in which some factors of production are fixed while some factors of production are variable, is known as short period. It explains the technical relationship between outputs and inputs in the short run. The fixed factor is land and the variable factor is capital. It is also known as Variable proportions type production function.

LONG PERIOD PRODUCTION FUNCTION: The time period in which all the factors of production are variable is known as long period production function. It means that all the factors of production can be changed in the long period and there exists no difference between the fixed and variable factors of production. 

SHORT RUN VS LONG RUN PRODUCTION FUNCTION

BASIS OF DIFFERENCE	SHORT PERIOD PRODUCTION FUNCTION	LONG PERIOD PRODUCTION FUNCTION
MEANING	It explains the technical relationship between outputs and inputs in the short run.	It explains the technical relationship between inputs and outputs in the long run.
KNOWN AS	The short period production function is also known as variable proportions type production function as in this the capital- labour ratio changes.	The long period production function is also known as constant proportions type production function as in this capital- labor ratio remains constant and do not change.
LAW APPLICABLE	The short run production function can be explained with the help of Law of returns to factor.	The long run production function can be explained with the help of Law of Returns to scale.
CURVE	The curve of short period production function is straight line parallel to horizontal axis.	The curve of long run production function is upward sloping curve.
NATURE OF FACTORS	In this, One factor ‘land’ is fixed and other factor ‘labour’ is variable.	In this, both factors are variable.

Also Study	Also Study	Also Study	Also Study
Theory of Demand	Law of Demand	Demand Function	Exceptions of law of demand
Elasticity of demand	Change in demand	Price elasticity of demand	Law of demand Vs Elasticity of demand
Factors affecting price elasticity of demand	Production function	Short run vs long run production function	Law of variable proportions
Types of demand	Managerial economics	Characteristics of managerial economics	Scope of managerial economics
Utility analysis	Law of diminishing marginal utility	Law of equi marginal utility	Consumers Equilibrium
Indifference curve analysis	Consumer equilibrium using indifference curve analysis	Relationship between TP, AP and MP	Law of increasing returns
Law of diminishing returns	Law of constant returns	Returns to Scale	Economies and diseconomies of scale
Concept of costs	Relationship between AC and MC	Traditional theory of costs	Modern theory of costs
Explicit vs Implicit costs	Revenue	Perfect competition	Monopoly
Price discrimination	Difference between perfect competition and monopoly	Perfect Vs Monopolistic competition	Monopoly and monopolistic competition
Product differentiation strategy	Monopolistic competition	National Income in India	Measurement of national income in India
Consumption function	Keynes Psychological law of consumption