define the law of variable proportion with a dizeysem
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Explanation:
The law of variable proportions states that as the. quantity of one factor is increased, keeping the other. factors fixed, the marginal product of that factor will. eventually decline.
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The Law of Variable Proportions or Returns to a Factor plays an important role in the study of the Theory of Production. In this article, we will look at the meaning, explanation, stages, significance, and reasons behind the operation of the Law of Variable Proportions.
Explanation:
The Law of Variable Proportions concerns itself with the way the output changes when you increase the number of units of a variable factor. Hence, it refers to the effect of the changing factor-ratio on the output.
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