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Law of Diminishing Returns

Law of Variable Proportion

by Economics Live

The law of variable proportion occupies an important place in economic theory. This law examines the production function with one factor variable, keeping the quantities of other factors fixed. In other words, it refers to the input-output relation when output is increased by varying the quantity of one input. When … read more

Categories Micro Economics Tags Law of Diminishing Returns, Law of Variable Proportion, Microeconomics Leave a comment
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