Long run and short run

In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production, so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry. The long run contrasts with the short run, in which some factors are variable and others are fixed, constraining entry or exit from an industry. In macroeconomics, the long run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short run when these variables may not fully adjust.

Long run

In the long run, firms change production levels in response to (expected) economic profits or losses, and the land, labour, capital goods and entrepreneurship vary to reach associated long-run average cost. In the simplified case of plant capacity as the only fixed factor, a generic firm can make these changes in the long run:

Long Run (Elk Run)

Long Run is a tributary of Elk Run in Sullivan County, Pennsylvania, in the United States. It is approximately 2.4 miles (3.9 km) long and flows through Davidson Township. The stream's watershed has an area of 1.92 square miles (5.0 km²). It has no named tributaries, but four unnamed tributaries. The stream is considered by the Pennsylvania Department of Environmental Protection to be impaired by atmospheric deposition and metals. Wisconsinan Bouldery Till, Wisconsinan Till, and bedrock consisting of sandstone and shale occur in the vicinity of it.

Course

Long Run begins at the top of a deep valley in Davidson Township. It flows south for several tenths of a mile, receiving two unnamed tributaries from the left. The stream then turns south-southwest and its valley becomes considerably deeper. It then turns south for more than a mile, receiving two more unnamed tributaries from the left. The stream then turns southwest, exits its valley, and reaches its confluence with Elk Run near the border between Sullivan County and Columbia County.

Long Run (horse)

Long Run is a National Hunt racehorse owned by Robert Waley-Cohen and trained by Nicky Henderson in Great Britain.

Racing career

In January 2011, ridden by amateur jockey Sam Waley-Cohen, the son of owner Robert Waley-Cohen, Long Run won the weather-delayed 2010 King George VI Chase at Kempton Park ahead of stablemate Riverside Theatre in second and Kauto Star, who was aiming to win the race for a record fifth time, in third. It was later found out that the champion was not at his best and had burst a blood vessel.

In March 2011, Long Run provided jockey Waley-Cohen and trainer Henderson with their first Cheltenham Gold Cup winner when he finished clear of previous winners Imperial Commander (who pulled up), Denman, and Kauto Star.

Returning in the 2011/12 National Hunt season, Long Run finished second to Kauto Star in both the Betfair Chase and the King George VI Chase, with Kauto Star winning the latter for the fifth time. Long Run had another clash with Kauto Star in the 2012 Cheltenham Gold Cup. He went into the race 7-4 favourite and with Kauto Star recovering from injury. However, both horses were upstaged by JP McManus' horse Synchronised, who won the race by 2 and a quarter lengths from The Giant Bolster, with Long Run finishing in third.