Explain the reason for the operation of the law of retun to a variable factor
Answer (1)
23rd Jan, 2021
Hi.
This law exhibits the short-run production functions in which one factor varies while the others are fixed.
Also, when you obtain extra output on applying an extra unit of the input, then this output is either equal to or less than the output that you obtain from the previous unit.
The Law of Variable Proportions concerns itself with the way the output changes when you increase the number of units of a variable factor. Hence, it refers to the effect of the changing factor-ratio on the output.
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