Economy, asked by pratikshasingh8044, 2 months ago

define production function & explain the law of variable proportion with related diagram

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Answered by shubhamraj57698
63

Answer:

The law of variable proportions is as follows: “If a producer increases the units of a variable factor while keeping other factors fixed, then initially the total product increases at an increasing rate, then it increases at a diminishing rate, and finally starts declining.”

Explanation:

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