Question

what is the difference between law of variable proportion and law of diminishing returns

Answer 1

Answer:

this law has 3 or 4 name, which are-

law of diminishing margin productivity or

law of variable proportion or

law of return to a factor :-

it,s so simple ,it is a relationsip between total product and marginal product and average product.

when we increase the quantity of only one variable input and keeping other fixed factor constant then the total product initially increase at an increasing rate and then after increase but in diminising rate and finally at a negative rate.

this law is only applicable in short run productuion.

Explanation: