short run production function is called?
1.law of variable proportion
2.law of return to scale
3.law of supply
4.law of demand
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4.law of demand
Explanation:
4.law of demand..........
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Question:-
The short-run production function is called?
- Law of variable proportion
- Law of return to scale
- Law of supply
- Law of demand
Answer:-
- The short-run production function is called -
- Law of variable proportion.
Explanation:-
LAW OF VARIABLE PROPORTIONS.
- This Law plays a very important role in probing the Theory of Production.
- This shows the short-run production functions in which one factor fluctuates while the others are fixed.
What is the Law of Variable Proportions?
- "If a producer increases the units of a variable factor keeping other factors fixed, then the total product increases at an increasing rate, then it increases at a diminishing rate, and finally starts declining."
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