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Give Meaning of 'Returns to a Factor. - CBSE (Arts) Class 12 - Economics

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Question

Give the meaning of returns to a factor.

Solution

If an additional unit of variable input is utilised in the production process, then there will be a change in the level of output. This is called returns to a factor. This is also known as the law of variable proportions or law of diminishing returns.

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Solution Give Meaning of 'Returns to a Factor. Concept: Returns to a Factor.
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