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What is the Law of Variable Proportions? - Economics

Short Note

What is the law of variable proportions?

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Solution

Law of Variable Proportions :-

According to the law of variable proportions, if more and more units of the variable factor (labour) are combined with the same quantity of the fixed factor (capital), then initially the total product will increase but gradually after a point, the total product will start diminishing.

Concept: Law of Variable Proportions
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APPEARS IN

NCERT Class 12 Economics Introductory Microeconomics
Chapter 3 Production And Costs
Exercise | Q 8 | Page 50
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