The law of variable proportions states that as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline. This means that up to the use of a certain amount of variable factor, marginal product of the factor may increase and after a certain stage it starts diminishing. When the variable factor becomes relatively abundant, the marginal product may become negative. Law of Variable Proportions is also known as Law of Proportionality.
Management (MBA) questions, assignments on .
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Q. Complete the hypothetical table below and explain in brief, the law of variable proportions.
Quantity, Total Product, Average Product, Marginal product
1, 10
2, 30
3, 48
4, 56
5, 56
6, 52
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