Question

The academic calendar for a university is August $15$ through May $15$. A professor commits to a contract that binds her to a teaching position at this university for this period. Based on this information, explain the short run and long run that the professor faces.

Short answer

The short-run may be a period during which factors of production remain constant.

The long-run may be a period during which factors of production will be changed easily.

Step-by-step solution

Introduction

The short run is defined as a period frame within which wage levels of other inputs are "sticky," or unyielding, while an long run is defined as the duration of time over however these production costs have opportunity to adapt. While product prices (i.e. prices of materials used to create more products) are even more controlled by huge contracts and begin to express, product pricing (i.e. product prices purchased by customers) are more adjustable.

Explanation

The short run that a professor faces is off 9 months considering that he/she cannot change the present job. The short-runmay be a period during which factors of production remain constant. especially fixed factors of production.

The long-run may be a period during which factors of production will be changed easily. Therefore, the amount which is larger than 9 months would be considered as a protracted endure the professor. After the contract period of 9 months, a professor can find employment elsewhere.