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What is Law of Variable Proportions Explained about?

The law of variable proportions states that as more units of a variable factor are added to a fixed factor, total product will initially increase at an increasing rate (stage of increasing returns), then at a decreasing rate (stage of diminishing returns), and eventually may decrease (stage of negative returns). The optimal range of production is the stage of diminishing returns, where marginal product is positive but decreasing. This law has important applications in economics, such as explaining the princ

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goyal0705

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