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Distinguish between the short-run and the long-run production and cost function for that good or service.

From the e-Activity, determine the environmental variable most likely to affect the short-run production over the next 12 months. Determine what managers can do to prepare for the possible change in short-run production. Pick a real or fictitious business. Create a scenario around this business in which a manager would decide to either stop operations in the short-run or going out of business in the long-run. Provide a rationale with your response. •Conduct an environmental scan of businesses in today’s climate to determine which variable of the environment, such as economic, political, social, competitive or technological, is likely to affect short-run production the most over the next 12 months. “Cost Analysis” Please respond to the following: •Pick a good or service. Distinguish between the short-run and the long-run production and cost function for that good or service. Discuss how price plays a role in short-run and the long-run decisions and how managers are likely to respond in each case. •Using the same good or service from above. Identify the fixed and variables costs are for the good or service. Based upon the costs identified, recommend whether to produce or not produce the good or service. Provide a rationale with your response.

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