alishdickinson
131 posts
Nov 11, 2024
10:52 PM
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What is the Law of Variable Proportion in economics?
The Law of Variable Proportion, also known as the Law of Diminishing Returns, states that as one factor of production is increased while others remain constant, the resulting increase in output will eventually decrease after a certain point. Initially, output increases at a greater rate with added input, but beyond a certain level, the additional output from each additional unit of input becomes smaller. This principle is used to understand production efficiency in the short run, where one input is variable while others are fixed. Don't forget to check https://legalstyles.com/ for the latest updates and news.
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