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What is the law of variable proportions?...

What is the law of variable proportions?
OR
Define the law of variable proportion.

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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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FULL MARKS-PRODUCTION-NCERT TEXTBOOK QUESTIONS SOLVED
  1. Explain the concepts of the short run and the long run.

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  2. What is the law of diminishing marginal product?

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  3. What is the law of variable proportions? OR Define the law of vari...

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  4. When does a production function satisfy constant returns to scale?

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  5. When does a production function satisfy increasing returns to scale?

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  6. When does a production function satisfy decreasing returns to scale?

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  7. The following table gives total product schedule of labour. Find avera...

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  8. The following table gives the average product schedule of labour. Find...

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  9. The following table gives the marginal product schedule of labour. It ...

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  10. Let the production function of a firm be Q=5L^(1//2)K^(1//2) . Find th...

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  11. Let the production function of a firm be Q=2L^(2) K^(2). Find out the...

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  12. Find out the maximum possible output for a firm with zero unit of L an...

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  13. Explain the concept of a production function.

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  14. In which run some factors of production are fixed and others are varia...

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  15. What change will take place in marginal product when total product inc...

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  16. In which phase of Law of Variable Proportions a rational firm aims to ...

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  17. What is meant by diminishing returns to a factor?

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  18. What is the general shape of the AP and MP curves?

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  19. How does fall in marginal production affect total output?

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  20. Why MP curve cuts AP curve at its maximum point?

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