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MICROECONOMICS CH : 7 PRODUCTION FUNTION AND RETURNS TO A FACTOR — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 7 PRODUCTION FUNTION AND RETURNS TO A FACTOR2 Marks
Question
What is the law of variable proportions?
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Answer

The law states that as more and more of the variable factor is combined with the fixed factor, marginal product of the variable factor may initially increase and subsequently stabilise, but must finally decrease.

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