{"id":2263,"date":"2019-08-08T06:44:52","date_gmt":"2019-08-08T06:44:52","guid":{"rendered":"https:\/\/commerceiets.com\/?p=2263"},"modified":"2019-08-08T06:44:52","modified_gmt":"2019-08-08T06:44:52","slug":"law-of-variable-proportions","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/law-of-variable-proportions\/","title":{"rendered":"LAW OF VARIABLE PROPORTIONS"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/#LAW_OF_VARIABLE_PROPORTIONS\" title=\"LAW OF VARIABLE PROPORTIONS\">LAW OF VARIABLE PROPORTIONS<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/#ASSUMPTIONS_OF_THE_LAW\" title=\"ASSUMPTIONS OF THE LAW\">ASSUMPTIONS OF THE LAW<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/#NO_CHANGE_IN_THE_TECHNIQUE_OF_PRODUCTION\" title=\"NO CHANGE IN THE TECHNIQUE OF PRODUCTION\">NO CHANGE IN THE TECHNIQUE OF PRODUCTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/#NATURE_OF_FACTORS_OF_PRODUCTION\" title=\"NATURE OF FACTORS OF PRODUCTION\">NATURE OF FACTORS OF PRODUCTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/#HOMOGENEOUS_UNITS_OF_FACTORS_OF_PRODUCTION\" title=\"HOMOGENEOUS UNITS OF FACTORS OF PRODUCTION\">HOMOGENEOUS UNITS OF FACTORS OF PRODUCTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/#APPLICABLE_IN_SHORT_RUN\" title=\"APPLICABLE IN SHORT RUN\">APPLICABLE IN SHORT RUN<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/#POSSIBILITY_OF_USE_OF_VARYING_FACTORS_OF_PRODUCTION\" title=\"POSSIBILITY OF USE OF VARYING FACTORS OF PRODUCTION\">POSSIBILITY OF USE OF VARYING FACTORS OF PRODUCTION<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/#EXPLANATION_OF_THE_LAW_OF_VARIABLE_PROPORTIONS\" title=\"EXPLANATION OF THE LAW OF VARIABLE PROPORTIONS\">EXPLANATION OF THE LAW OF VARIABLE PROPORTIONS<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"law-of-variable-proportions\"><span class=\"ez-toc-section\" id=\"LAW_OF_VARIABLE_PROPORTIONS\"><\/span>LAW OF VARIABLE PROPORTIONS<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p class=\"has-medium-font-size\">Law of Variable Proportions states that the use of more and more units of variable factor of <a href=\"https:\/\/commerceiets.com\/production-function\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"production (opens in a new tab)\">production<\/a> along with specific number of units of fixed factor results in changes in total product in variable proportions.<\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>ACCORDING TO LEFTWITCH<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cThe law of variable proportions states that if the input of\none of the resources is increased by equal increments per unit of time while\nthe inputs of other resources are held constant, total output will increase,\nbut beyond some point the resulting output increase will become smaller and\nsmaller.<\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>ACCORDING TO P.A. SAMUELSON<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cAn increase in some inputs relative to other fixed inputs\nwill, in a given state of technology, cause output to increase, but after a\npoint the extra output resulting from the same additions of extra inputs will\nbecome less and less.\u201d<\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>&nbsp;ACCORDING TO STIGLER<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cAs equal increments of one input are added, the inputs of\nother productive services being held constant, beyond a certain point the\nresulting increments of product will decrease, so the marginal product will be\ndiminishing.\u201d<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Thus, the law of variable proportions states that as the\nproportion between fixed factor and variable factors is changed, the total\nproduction at first increases more than proportionately, then proportionately\nand finally less than proportionately.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"assumptions-of-the-law\"><span class=\"ez-toc-section\" id=\"ASSUMPTIONS_OF_THE_LAW\"><\/span><strong>ASSUMPTIONS OF THE LAW<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"no-change-in-the-technique-of-production\"><span class=\"ez-toc-section\" id=\"NO_CHANGE_IN_THE_TECHNIQUE_OF_PRODUCTION\"><\/span>NO CHANGE IN THE TECHNIQUE OF PRODUCTION<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">This law assumes that there is no change in the technique of\nthe production. Because whenever there is any change or improvement in the\ntechnique of production, more output can be produced with the use of as much\nresources as were being used before.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"nature-of-factors-of-production\"><span class=\"ez-toc-section\" id=\"NATURE_OF_FACTORS_OF_PRODUCTION\"><\/span>NATURE OF FACTORS OF PRODUCTION<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The law of variable proportions is based on the assumption\nthat there are only two factors of production. One factor is fixed and another\nis variable.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"homogeneous-units-of-factors-of-production\"><span class=\"ez-toc-section\" id=\"HOMOGENEOUS_UNITS_OF_FACTORS_OF_PRODUCTION\"><\/span>HOMOGENEOUS UNITS OF FACTORS OF PRODUCTION<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">It is also assumed that the units of factors of production\nare homogeneous i.e. all the units are the same.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"applicable-in-short-run\"><span class=\"ez-toc-section\" id=\"APPLICABLE_IN_SHORT_RUN\"><\/span>APPLICABLE IN SHORT RUN<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The law of variable proportions is applicable in short run\nonly. Because only in the short run one factor can be kept constant as in the\nlong run all factors are variable.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"possibility-of-use-of-varying-factors-of-production\"><span class=\"ez-toc-section\" id=\"POSSIBILITY_OF_USE_OF_VARYING_FACTORS_OF_PRODUCTION\"><\/span>POSSIBILITY OF USE OF VARYING FACTORS OF PRODUCTION<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Under this law, there is great possibility that the variable\nfactors are applied in varying proportions. Because of this assumption, it is\npossible to use more and more units of variable factor of production with the\ngiven number of units of fixed factor so that output may be increased.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"explanation-of-the-law-of-variable-proportions\"><span class=\"ez-toc-section\" id=\"EXPLANATION_OF_THE_LAW_OF_VARIABLE_PROPORTIONS\"><\/span>EXPLANATION OF THE LAW OF VARIABLE PROPORTIONS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-medium-font-size\">The law of variable proportions can be explained with the\nhelp of following table in which the Land is taken as the fixed factor of\nproduction and Labour is taken as the variable factor of production.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n  UNITS OF LAND\n  <\/td><td>\n  UNITS OF LABOUR\n  <\/td><td>\n  TOTAL PRODUCT\n  <\/td><td>\n  AVERAGE PRODUCT\n  <\/td><td>\n  MARGINAL PRODUCT\n  <\/td><td>\n  DESCRIPTON\n  <\/td><\/tr><tr><td>   10<br \/>   10<br \/>   10   <\/td><td>   1<br \/>   2<br \/>   3   <\/td><td>   20<br \/>   50<br \/>   90   <\/td><td>   20<br \/>   25<br \/>   30   <\/td><td>   20<br \/>   30<br \/>   40   <\/td><td>   <strong>FIRST STAGE   <br \/>Stage of Increasing returns:<\/strong><br \/>   TP increases at increasing rate, MP &amp; AP also increasing.   <\/td><\/tr><tr><td>   10<br \/>   10<br \/>   10<br \/>   10   <\/td><td>   4<br \/>   5<br \/>   6<br \/>   7   <\/td><td>   120<br \/>   140<br \/>   150<br \/>   150   <\/td><td>   30<br \/>   28<br \/>   25<br \/>   21.4   <\/td><td>   30<br \/>   20<br \/>   10<br \/>   0   <\/td><td>   <strong>SECOND STAGE<br \/>   Stage of Diminishing Returns<\/strong><br \/>   TP increases at decreasing rate, MP &amp; AP decreases, MP becomes   zero.   <\/td><\/tr><tr><td>\n  10\n  <\/td><td>\n  8\n  <\/td><td>\n  140\n  <\/td><td>\n  17.5\n  <\/td><td>\n  -10\n  <\/td><td>   <strong>THIRD STAGE<br \/>   Stage of Negative Returns<\/strong><br \/>   TP &amp; AP falls, MP becomes negative.   <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">This law can also be explained with the help of following diagram:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"230\" height=\"486\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/08\/clip_image004_thumb8.jpg\" alt=\"......\" class=\"wp-image-2265\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/08\/clip_image004_thumb8.jpg 230w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/08\/clip_image004_thumb8-142x300.jpg 142w\" sizes=\"(max-width: 230px) 100vw, 230px\" \/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>FIRST STAGE OF PRODUCTION<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">In this stage:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Total product increases at increasing rate as more variable factors are applied with fixed factors.<\/li><li>Average Product also increases at a speed less than Marginal Product.<\/li><li>Marginal Product increases at a speed greater than increase in Average Product.<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>SECOND STAGE OF PRODUCTION<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">In this stage:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Total product increases at diminishing rate and become maximum or highest.<\/li><li>Both Average Product and Marginal product falls but fall in MP is greater than fall in AP.<\/li><li>MP also reaches the level zero.<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>THIRD STAGE OF PRODUCTION<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">In this stage:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Total Product starts to decline. <\/li><li>AP falls but remains positive.<\/li><li>MP becomes negative. <\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>STAGE OF RATIONAL DECISION MAKING<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Second stage of production is the rational stage of decision making. In this stage TP is increasing at diminishing rate. Both AP and MP are declining but they are positive. The profit maximising output and employment lies in this stage of production.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/demand\/\">Theory of Demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-demand\/\">Law of Demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/demand-function\/\">Demand Function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/exceptions-of-law-of-demand\/\">Exceptions of law of demand<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/elasticity-of-demand\/\">Elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/change-in-demand\/\">Change in demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/\">Price elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-law-of-demand-and-elasticity-of-demand\/\">Law of demand Vs Elasticity of demand<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/factors-affecting-price-elasticity-of-demand\/\">Factors affecting price elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/production-function\/\">Production function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-short-run-long-run-production-function\/\">Short run vs long run production function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/\">Law of variable proportions<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/types-of-demand\/\">Types of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/managerial-economics\/\">Managerial economics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/characteristics-of-managerial-economics\/\">Characteristics of managerial economics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-managerial-economics\/\">Scope of managerial economics<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/utility-analysis\/\">Utility analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-diminishing-marginal-utility\/\">Law of diminishing marginal utility<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-equi-marginal-utility\/\">Law of equi marginal utility<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consumer-equilibrium\/\">Consumers Equilibrium<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/indifference-curve-analysis\/\">Indifference curve analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consumer-equilibrium-using-indifference-curve-analysis\/\">Consumer equilibrium using indifference curve analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/relationship-between-tp-ap-and-mp\/\">Relationship between TP, AP and MP<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-increasing-returns\/\">Law of increasing returns<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/law-of-diminishing-returns\/\">Law of diminishing returns<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-constant-returns\/\">Law of constant returns<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/returns-to-scale\/\">Returns to Scale<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/economies-and-diseconomies-of-scale\/\">Economies and diseconomies of scale<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/concept-of-costs\/\">Concept of costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/relationship-between-ac-and-mc\/\">Relationship between AC and MC<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/traditional-theory-of-cost\/\">Traditional theory of costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/modern-theory-of-cost\/\">Modern theory of costs<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/explicit-vs-implicit-costs\/\">Explicit vs Implicit costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue\/\">Revenue<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perfect-competition\/\">Perfect competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopoly-meaning\/\">Monopoly<\/a>&nbsp;<\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/price-discrimination\/\">Price discrimination<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-perfect-competition-and-monopoly\/\">Difference between perfect competition and monopoly<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perfect-and-monopolistic-competition\/\">Perfect Vs Monopolistic competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopoly-and-monopolistic-competition\/\">Monopoly and monopolistic competition<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/product-differentiation-strategy\/\">Product differentiation strategy<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopolistic-competition\/\">Monopolistic competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/national-income-in-india\/\">National Income in India<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/measurement-of-national-income\/\">Measurement of national income in India<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/consumption-function\/\">Consumption function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/keynesian-psychological-law-of-consumption\/\">Keynes Psychological law of consumption<\/a><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"266\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-1024x266.jpg\" alt=\"LAW OF VARIABLE PROPORTIONS\" class=\"wp-image-787\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-1024x266.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-300x78.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-768x199.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-1536x398.jpg 1536w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>LAW OF VARIABLE PROPORTIONS<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>LAW OF VARIABLE PROPORTIONS Law of Variable Proportions states that the use of more and more units of variable factor of production along with specific number of units of fixed factor results in changes in total product in variable proportions. ACCORDING TO LEFTWITCH \u201cThe law of variable proportions states that if the input of one&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;LAW OF VARIABLE PROPORTIONS&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":2281,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[92],"tags":[],"class_list":["post-2263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-micro-economics"],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2263"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=2263"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/2281"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=2263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=2263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=2263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}