MICROECONOMICS Law Of Variable Proportions Introduction Let us start the Law of Variable Propotions . If you have your favourite ice-cream and start eating during a sunny day, first bite may bring you to knees while groaning “hai, hai, hai”.The next bite too brings good but different effect.By the time yu are halfway thorough gallon, you may be feeling totally different.With each chance, your stomach may become full, but mind has a new experience and the point of diminishing returns shifts. This what we are going to discuss here in the name of Law of Variable Propotions. The law of variable proportion is the most important law in economics.Economists like Alfred Marshall, Benham,Samulson contributed maximium to this law.This law is based on short run production function.
Posted on: Mon, 13 Oct 2014 11:02:41 +0000
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