Explain How Longitudinal and Cross­sectional Designs Differ

question 68

Essay

Explain how longitudinal and cross­sectional designs differ. What are the advantages and disadvantages of each?

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Definitions:

Short Run

A period in economics where at least one factor of production is fixed, and firms can only partially adjust to changes in market demand.

Input

Resources such as labor, materials, and capital used in the production of goods and services.

Planned Output

The quantity of goods or services that a company intends to produce in a specific period.

Production Function

A mathematical relationship expressing the output generated by a firm from different quantities of inputs.