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a) State the law of variable proportions and highlights its key assumptions. (5 marks) b) Using an illustration, discuss the stages of production associated
a) State the law of variable proportions and highlights its key assumptions. (5 marks) b) Using an illustration, discuss the stages of production associated with the law of proportion and which will you recommend for production? (10 marks)
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a The law of variable proportions also known as the law of diminishing returns states that as increasing amounts of a variable input are combined with fixed inputs in production the marginal product o...
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Economics
Authors: Roger A. Arnold
12th edition
978-1305758674, 1305758676, 978-1285738321
