Economy, asked by niveda2703, 1 year ago

With the help of concept of production function explain the difference between law of variable proportion and law of returns to scale

Answers

Answered by Anonymous

3

Heya...

Law of variable proportion...

It is a short term concept...
It states that when more and more variable factors must combined with fixed factor then the marginal output rises suddenly but eventually a situation came when MP tends to diminish and starts to be zero or negative...

Return to scale....

It is a long term concept...
It states production can be increased by by changing both factors fixed factor as well as variable factor..

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