State the law of variable proportion

1.	State the law of variable proportion
Answer» The law of variable proportion\xa0states that as we increase the quantity of only one input, keeping other inputs fixed, the total product increases at an increasing rate (convex shape) in the beginning, then increases at diminishing rate (concave shape) and after a level of output ultimately falls.2. Assumptions of Law of Variable Proportions(a) Only one input is variable, the other is held constant or fixed.(b) It is possible to change the proportion in which the factor units are combined.(c) It assumes a short run.(d) The state of technology is given and remains unchanged.(e) Price of factors of production do not change.

Discussion