law of variable proportion is releted with economic
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Law of variable proportions occupies an important place in economic theory. This law examines the production function with one factor variable, keeping the quantities of other factors fixed. In other words, it refers to the input-output relation when output is increased by varying the quantity of one input.
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Law of Variable Proportions occupies an important place in economic theory. This law is also known as Law of Proportionality. ... Therefore, when the number of one factor is increased or decreased, while other factors are constant, the proportion between the factors is altered.
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