State and explain the law of variable proportion.
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Answer:
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.
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Explanation:
The law states that keeping other factors constant , when you increase the variable factor , then the total product initially increases at an increases rate , then increases at a diminishing rate , and eventually starts declining ......
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