What is law of variable proportion??? In economics??
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Law of Variable Proportions occupies an important place in economic theory. This law is also known as Law of Proportionality.
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.
Therefore, when the number of one factor is increased or decreased, while other factors are constant, the proportion between the factors is altered. For instance, there are two factors of production viz., land and labour.
Land is a fixed factor whereas labour is a variable factor. Now, suppose we have a land measuring 5 hectares. We grow wheat on it with the help of variable factor i.e., labour.
Law of Variable Proportions occupies an important place in economic theory. This law is also known as Law of Proportionality.
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.
Therefore, when the number of one factor is increased or decreased, while other factors are constant, the proportion between the factors is altered. For instance, there are two factors of production viz., land and labour.
Land is a fixed factor whereas labour is a variable factor. Now, suppose we have a land measuring 5 hectares. We grow wheat on it with the help of variable factor i.e., labour.
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Heya....
See here for your answer....
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Law of variable proportion States that....
When more and more variable factors must combined with fixed factors then the marginal output raise suddenly but eventually a situation came when it starts to go decline and be negative or zero....
Assumptions.....
1 Technology remains constant...
2 Variable factors should be homogeneous....
3 Ratio of fixed and variable factor can be changed ..
-- Be Brainly.....
See here for your answer....
========================
Law of variable proportion States that....
When more and more variable factors must combined with fixed factors then the marginal output raise suddenly but eventually a situation came when it starts to go decline and be negative or zero....
Assumptions.....
1 Technology remains constant...
2 Variable factors should be homogeneous....
3 Ratio of fixed and variable factor can be changed ..
-- Be Brainly.....
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