Question
Prepare a total product schedule for increasing production when only one input is increased. Indicate the phases of the law of variable proportions.
|
Units of Land (Fixed input)
|
Units of Labour (Variable input)
|
TP
|
MP*
|
Phases
|
|
1
|
1
|
3
|
3
|
(Phase I)
TP rises an increasing
|
|
1
|
2
|
7
|
4
|
|
|
1
|
3
|
12
|
5
|
|
|
1
|
4
|
16
|
4
|
(Phase II)
TP rises a diminshing rate
|
|
1
|
5
|
19
|
3
|
|
|
1
|
6
|
21
|
2
|
|
|
1
|
7
|
22
|
1
|
|
|
1
|
8
|
22
|
0
|
|
|
1
|
9
|
21
|
-1
|
(Phase III)
TP falls
|
|
1
|
10
|
20
|
-1
|
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