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Distinguish between laws of return to variables proportion and laws of returns to scale.
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written 3.5 years ago by
prajapatijaimin
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Solution:
The Law of Variable Proportions:
If one input is variable and all other inputs are fixed the firm's production function exhibits the law of variable proportions. If the number of units of a variable factor is increased, keeping other factors constant, how output changes are the concern of this …
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