Скачать или смотреть Law of Variable Proportion | Economics | VNSGU B.Com sem 1 | Education

Law of Variable Proportion | Economics | VNSGU B.Com sem 1 | Education #himanshunandwani

Law of Variable Proportions :
The law of variable proportions bears relationship with the production function and is also known as the law of non-proportional output. The law expresses a functional relationship between the change in variable factors and the change in output. It states that if the one factor of production is held constant and the quantities of other variable factors are increased, then the output would not respond in a proportionate manner.

Assumptions of the Law :
The state of technology should remain the same. If there is a change in technology, the law may not operate.
There is at least one factor which should be held constant, while other factors are variable.
All the units or dosage of the variable factors are identical or homogeneous, that is, they are of the same size, quality. efficiency etc.
Factor - combination is flexible.



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