Economy, asked by sarahshaikh2489, 1 year ago

Explain law of variable proportion with a live example

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Answered by SuperstarPiyush
7
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.


Three Stages of the Law of Variable Proportions: The behaviour of output when the varying quantity of one factor is combined with a fixed quantity of the other can be divided into three distinct stages.



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