Question

Explain the law of variable proportions .Write its assumptions?

Answer 1

Heya user ✨✨

⏩Law of variable proportion states that as more and more of the variable factor is combined with the fixed factor, marginal product of the variable factor may initially rise, but eventually a situation must come when marginal product of the variable factor start declining, marginal product me ultimately becomes zero or even negative.

Assumption of law of variable proportion ⬇️⬇️

⏺️Ratio in which factor of production are combined can be changed.

⏺️ Units of the variable factor are equally efficient the law of diminishing return sets in not because later unit of variable factor are less efficient than the former ones.

⏺️ State of Technology does not change.

✨ Hope this helps you ✨

Answer 2

the law of variable proportions (or the law of diminishing returns) that itrefers to the behaviour of output as the quantity of one factor is increased, keeping the quantity of other factors fixed and further it states that the marginal product and average product