explain the law of variable proportion in term of the behaviour of total physical product with the help of diagram
Answers
Explanation:
Production And Costs. Explain the Law of Variables Proportions with the help of total product and marginal product curves. The law of variable proportions state that as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline....
Answer:
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Explanation:
This law exhibits the short-run production functions in which one factor varies while the others are fixed.
Also, when you obtain extra output on applying an extra unit of the input, then this output is either equal to or less than the output that you obtain from the previous unit.
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.
law of variable proportions
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In other words, the law exhibits the relationship between the units of a variable factor and the amount of output in the short-term. This is assuming that all other factors are constant. This relationship is also called returns to a variable factor.
The law states that keeping other factors constant, when you increase the variable factor, then the total product initially increases at an increases rate, then increases at a diminishing rate, and eventually starts declining..
