news about the fixed and variable factors
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Fixed factors are those which remain unchanged as out output of the firm changes in the shout-run. In other words as a firm increases or decreases its output in the short-run, fixed factors remain constant. They are independent of output in the short-run.
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The law of variable proportions is a new name for the law of diminishing returns, a concept ... We get increasing returns in the first stage because initially, the fixed factors are abundant ...
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