What is law of variable proportions? Explain long run and short run production.(5 marks)
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What is law of variable proportions? Explain long run and short run production.(5 marks)
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In the short run when output of a commodity is sought to be increased, the law of variable proportions comes into operation. ADVERTISEMENTS: Therefore, when the number of one factor is increased or decreased, while other factors are constant, the proportion between the factors is altered.
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