Define the law of variable proportion.
1 Answer
The law of variable proportion states that as we increase the quantity of only one input, keeping other inputs fixed, the total product increases at an increasing rate in the beginning, then increases at decreasing rate and after a level, the output ultimately falls.
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Write the meaning of various concepts of cost. Explain them. 1
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Explain the meaning and nature of total variable cost along with diagram 1
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Explain the meaning and nature of total cost along with diagram 1
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Differences between total fixed cost and total variable cost 1
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Differences between a Movement along and Shift in the Demand curve. 1
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Differences between Movement along a supply curve and shift in the supply curve 1