explain the law of variable proporti in terms of behaviour of total physical product with the help og daigram 6marks
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According to the Law of Variable Proportions as only one input is increased, other remaining unchanged, the total product increases at an increasing rate, then at a decreasing rate and ultimately falls.
Phase I In the first phase, TP increases at an increasing rate upto point A.
Phase II In the second phase. TP increases at a diminishing rate between point A & B
Phase III In the third phase, TP starts falling beyond point
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