Production in the Short Run

Sarah owns a bakery that has four ovens, one full-time exempt administrative employee, and eight part-time hourly bakers. Based on this information, respond to the following: * Distinguish between the short run and the long run. What will differentiate the short run and the long run? * Describe fixed inputs and variable inputs. Which inputs are fixed and which are variable in Sarah’s bakery? *Why would marginal productivity decline after a certain level of production? * How can this problem of diminishing returns or marginal productivity be reduced or removed?