Law of Variable Proportion
It states that when more and more units of the variable factors are combined with the fixed factor, the total product will initially increase at an increasing rate, followed by…
It states that when more and more units of the variable factors are combined with the fixed factor, the total product will initially increase at an increasing rate, followed by…
Total product: It is total output produced by all the units of a variable factor used in the production process along with some portion of the fixed factors. For example,…