Answer to Question #314774 in Management for suku

Question

2. Complete the hypothetical table below and explain in brief the law of variable proportions. (10 Marks) Quantity Total Product Average Product Marginal product

1 10 2 30 3 48 4 56 5 56 6 52

Answer 1

Law of Variable Proportions occupies an important place in economic theory. This law is also known as Law of Proportionality.

Keeping other factors fixed, the law explains the production function with one factor variable. In the short run when output of a commodity is sought to be increased, the law of variable proportions comes into operation.