) using a production function. In the short run, capital is typically fixed, and labor is variable. Production Dynamics A common short-run production function is:
( Q_d = 100 - 2P ) ( Q_s = 10 + 4P ) Set equal: ( 100 - 2P = 10 + 4P \rightarrow 90 = 6P \rightarrow P = 15 ). Then ( Q = 100 - 2(15) = 70 ). microeconomics with simple mathematics pdf