Define, compare, and contrast short-run production (costs) and long-run production (costs)…and provide a practical, real-world example that a consumer/lay-person will understand. Do not use economic-speak or accounting-speak. Notes: You may neither use/reference of your example mimic or the example provided in the video (link for video: https://screencast-o-matic.com/watch/cYQlYCJXOq ). To demonstrate your understanding, you must provide an original, separate, and distinct example. Write your response in complete sentences, essay-style with source citations where appropriate. Do not use bullet lists, charts, formulae, or graphs of any kind in your response. In short, talk to me using narrative paragraphs. Your response post should be between 350-700 words in length. No file attachments, please. Lastly, do not use either our textbook or the author of our textbook as a source for this assignment.
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