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Standard XII

Economics

Ex Ante Consumption

In a producti...

Question

In a production process, the input combination has 30 per cent of fixed assets, 40 per cent raw material and 10 per cent labour. The quantity of all other inputs, except fixed assets has been doubled. The production process would be subjected to _______________.

law of variable proportions

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returns to scale

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decreasing returns

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increasing returns

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Solution

The correct option is A law of variable proportions
When at least one factor remains fixed, then it is the case of law of variable proportion. Here, labour and raw material inputs have been varied, while fixed assets are kept constant, hence, the law of variable proportions will apply in this case.

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In a production process, the input combination has 30 per cent of fixed assets, 40 per cent raw material and 10 per cent labour. The quantity of all other inputs, except fixed assets has been doubled. The production process would be subjected to _______________.

The correct option is A law of variable proportionsWhen at least one factor remains fixed, then it is the case of law of variable proportion. Here, labour and raw material inputs have been varied, while fixed assets are kept constant, hence, the law of variable proportions will apply in this case.

The correct option is A law of variable proportions
When at least one factor remains fixed, then it is the case of law of variable proportion. Here, labour and raw material inputs have been varied, while fixed assets are kept constant, hence, the law of variable proportions will apply in this case.