in short run law of variable proportion also known as
Answers
Answer:
The Law of variable proportion occupies an essential place in economics. The law explains the production function keeping the one-factor variable and others fixed.
Disclaimer: The given attachment is created by me in Excel and is not a screenshot from some other website or any book.
Answer:
Law of proportionality
Explanation:
The law of variable proportions states that in the short run, total product first increases at inceasing rate, then increases at decreasing rate, becomes constant and then finally falls.
This corresponds to incease in MP, decrease in MP, MP becoming zero and MP becoming -ve respectively.
In the short run, one factor is variable, ie it can change while the other factors may be variable.
For example, land/machinery etc. may be fixed in the short run but labour may be variable in the short run.
In the long run, all the factors of production are variable.
The given schedue and grapph represent the law of variable proportions. (refer attachment)
