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What are the different phases in the law of variable proportion in terms of marginal product ? Give reason behind each phase.?
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Law of variable Proportions states that as more and more of the variable factor is combined with the fixed factor, marginal product (MP) of the variable factor may initially increase and subsequently stabilise but must decrease finally. Of course, initially, MP may rise owing to better coordination with the factors and better utilisation of the fixed factor. Thus, we have three phases of production, viz., phases of increasing MP, decreasing MP and negative MP. It is further illustrated through a fig. In a situation when MP is increasing, rate. And, when MP is negative, TP should be declining of course, TP should be maximum when MP = 0
FAQs on The Law of Variable Proportions in terms of Marginal Product - Commerce
| 1. What is the Law of Variable Proportions? |  |
Ans. The Law of Variable Proportions states that as the proportion in which various factors of production are combined is changed, the marginal product of a variable factor may initially increase, reach a maximum, and then start decreasing.
| 2. How does the Law of Variable Proportions relate to marginal product? | |
Ans. The Law of Variable Proportions is closely related to marginal product. It states that as the proportion of factors of production changes, the marginal product of the variable factor also changes. Initially, the marginal product may increase, but eventually, it starts to decrease.
| 3. Can you provide an example to explain the Law of Variable Proportions? | |
Ans. Sure! Let's say a factory has fixed factors such as machinery and land, and a variable factor like labor. Initially, as more labor is added to the production process, the marginal product of labor increases. However, at a certain point, adding more labor becomes less productive, and the marginal product starts to decline. This illustrates the Law of Variable Proportions.
| 4. What factors can affect the Law of Variable Proportions? | |
Ans. Several factors can influence the Law of Variable Proportions. These factors include technological advancements, changes in input prices, availability of resources, and the efficiency of production processes. Any changes in these factors can impact the proportion in which factors of production are combined, thereby affecting the Law of Variable Proportions.
| 5. Why is understanding the Law of Variable Proportions important in commerce? | |
Ans. Understanding the Law of Variable Proportions is vital in commerce as it helps businesses optimize their production processes. By analyzing the marginal product of each factor of production, businesses can determine the most efficient combination of inputs to maximize output and minimize costs. This knowledge enables businesses to make informed decisions regarding resource allocation and production strategies.
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Nov 25, 2024 Last updated |
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