LAW OF VARIABLE PROPORTIONS

evol_tn

Evol Tn
Law of variable proportions, sometimes also referred to as the law of diminishing returns, this “law” is really a generalization economists make about the nature of technology when it is possible to combine the same factors of production in a number of different proportions to make the same product.

Attached full lecture in pdf format.
 

Attachments

thanx for the file. will go thru later since i am in the navy and am doing my PGDBM via correspondence. Have to sail out now for a dya and a half.
regards
cdk
 
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Statement of the Law

"As the quantity of one variable input in a production process is Increased, with quantities of other Inputs remaining fixed, marginal physical product firstly increases, then after reaching a maximum, starts decreasing and finally becomes negative".
 
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