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Question
What is
the law of variable proportions?
What is the law of variable proportions?
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Solution
Law of
Variable Proportions
According
to the law of variable proportions, if more and more units of the
variable factor (labour) are combined with the same quantity of the
fixed factor (capital), then initially the total product will
increase but gradually after a point, the total product will start
diminishing.
Law of Variable Proportions
According to the law of variable proportions, if more and more units of the variable factor (labour) are combined with the same quantity of the fixed factor (capital), then initially the total product will increase but gradually after a point, the total product will start diminishing.
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