Question

VARIABLE PROPORTIONS TYPE PRODUCTION FUNCTION EXISTS IN?

Answer 1

Answer:

The Variable Proportion Production Function implies that the ratio in which the factors of production such as labor and capital are used is not fixed, and it is variable. ... Thus, for the production of a given level of product, the input factors can be substituted for the other.

Explanation:

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Answer 2

Answer:

The Variable Proportion Production Function implies that the ratio in which the factors of production such as labor and capital are used is not fixed, and it is variable. Also, the different combinations of factors can be used to produce the given quantity, thus, one factor can be substituted for the other.