Question

State and explain the law of variable proportions.

Answer 1

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.

Answer 2

Keeping other factors fixed, the law explains the production function with one factor variable. In the short run when output of a commodity is sought to be increased, the law of variable proportions comes into operation. ... For instance, there are two factors of production viz., land and labour.