As per the production function, the long run factor moves from TP1 to TP2.
Production function:
Production function refers the equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained
Given,
Here we need to find the choices that shows a production function that moves from TP1 to TP2.
As per the definition of the production function,
The short run is any one of the factors associated with production is fixed. For achieving more output, the firms may change the level of other factors necessary for production.
Where as the long run firm achieves flexibility in making decisions and a firm can expect more competition in the long run.
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