❌✔️⏩♋♌♊♌✌✌♈✌☢️✌✌☢️✌✌♌♊♊♊❌Write an brief defination of Volume discounted in the causes or reasons of law of variable proportion..??
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- In the short-term, we cannot vary all factors of production.
- In this case, there is only one variable factor while others are fixed.
- All other factors combine optimally to produce the maximum output.
- Before the point of optimum combination, if the units of a variable factor increase, then the factor proportion becomes more suitable and it leads to more efficient utilization of the fixed factors. Therefore, the marginal physical product increases.
- During the initial stages, the total product tends to rise at an increasing rate when the producer employs more units of a variable factor to the fixed factors.
- Subsequently, beyond the point of optimum combination, if the producer employs more units of the variable factor, then the factor proportion becomes inefficient. Therefore, the marginal product of that variable factor declines.
- Also, the producer sees a fall in the quantity of the fixed factor input per unit of the variable as he increases the units of the variable factor.
- Therefore, successive units of the variable input add decreasing amounts to the total output as they have less fixed inputs to work with.
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we cannot vary all factors of production. In this case, there is only one variable factor while others are fixed. ... Also, the producer sees a fall in the quantity of the fixed factor input per unit of the variable as he increases the units of the variable factor
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