Question

discuss the concept of
"constant" in business economics.​

Answer 1

Answer:

The law of constant returns is said to operate when the return remains the same as the business is expanded or contracted.

Every additional investment of labour and capital yields the same return as before.

Answer 2

The factors that do not change in the short run are the constant factors.

Explanation:

• The concept of constant is a very important concept in business economics.
• It can be defined as a variable that does not change frequently and has a stable position.
• For example, land can be considered to be a constant variable as it does not change on a regular basis.
• The constant factors are also important for determining the true position of a business and an economy.
• Apart from the constant factors, the variable factors are the ones that keep on changing on a regular basis.