Question

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What is Law of variable proportion? ​

Answer 1

Explanation:

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

Answer:

The Law of Variable Proportions or Returns to a Factor plays an important role in the study of the Theory of Production. In this article, we will look at the meaning, explanation, stages, significance, and reasons behind the operation of the Law of Variable Proportions.This law exhibits the short-run production functions in which one factor varies while the others are fixed.

Also, when you obtain extra output on applying an extra unit of the input, then this output is either equal to or less than the output that you obtain from the previous unit.

The Law of Variable Proportions concerns itself with the way the output changes when you increase the number of units of a variable factor. Hence, it refers to the effect of the changing factor-ratio on the output.Why is it called the Law of Variable Proportions?

As one input varies and all others remain constant, the factor ratio or the factor proportion varies. Let’s look at an example to understand this better:

Let’s say that you have 10 acres of land and 1 unit of labour for production. Therefore, the land-labour ratio is 10:1. Now, if you keep the land constant but increase the units of labour to 2, the land-labour ratio becomes 5:1.

Therefore, as you can see, the law analyses the effects of a change in the factor ratio on the amount of out and hence called the Law of Variable Proportions.