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Law of Variable Proportions

Law of Variable Proportions

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Published by: Wasipfc on Apr 12, 2010
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The Law of VariableProportions
(Behind the Supply Curve, Part I)
When producing an economic product, thesupplier must decide how much of eachinput to use:
 ±Land ±Labo ±Capital
In particular, the supplier must examinethe relation between input and output.
The Law of Variable Proportions
Is the answer to the question: How will totaloutput change when all inputs except one arefixed? (Answer to be provided later)Two ways to illustrate the answer:
 ±Production schedule (chart) ±Production function (graph)
Usually, as in this example, labor is the variableinput; all other variables are held constant.

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