Question

Law of diminishing marginal returns vs law of variable proportion

Answer 1

Answer:

❤☺⏩⏩There is no difference. Both refer to the same concept. Law of variable proportions is the new name for the “Law of diminishing product/ returns” of classical economics. Law of variable proportions is the new name for the “Law of diminishing product/ returns” of classical economics.⏪⏪❤☺

Answer 2

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Both refer to the same concept. Law of variable proportions is the new name for the “Law of diminishing product/ returns” of classical economics. It holds that if a firm keeps increasing an input keeping all other inputs and technology constant, corresponding increase in output will decrease eventually.