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Short Run Average and Marginal Costs

What isthe la...

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What isthe law of variable proportions?

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Law ofVariable Proportions
Accordingto the law of variable proportions, if more and more units of thevariable factor (labour) are combined with the same quantity of thefixed factor (capital), then initially the total product willincrease but gradually after a point, the total product will startdiminishing.

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