Question

Law of diminishing marginal product and law of variable proportion

Answer 1

The law of diminishing marginal productivity is an economic principle. It states that while increasing one input and keeping other inputs at the same level may initially increase output, further increases in that input will have a limited effect and will eventually have no effect, or a negative effect, on output.

and 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.