Single Variable-Law of Variable Proportion Assignment Help
Law of variable proportion holds a vital place in economic theory. It refers to the relation of input-output when output is enhanced by varying one input’s quantity. The students pursuing Economics are often given assignment on this topic. This being a complicated topic, students avail Single Variable-Law of Variable Proportion assignment help from BookMyEssay. Our experts understand the requirement of students and they prepare economics assignments in a simple and easy manner. Before composing the assignments, they do thorough research on the subject-matter and thus you can be assured of receiving a top-notch get assignment solution free of errors.
What is Single Variable-Law of Variable Proportion?
Law of variable proportion specifies that once the number of a single factor is enhanced, keeping alternative factors fixed, the marginal product of that factor shall eventually decline. Keeping other factors constant, when the number of a single factor is enhanced or reduced, the proportion between these factors is changed. For example, land and labor are two factors of production.
In other words, this law shops the relationship between the amount of output and the units of a variable factor in the short-term. This is done by assuming that all the other factors are constant. This relationship is known as the returns to a variable factor.
It states that keeping the other factors constant when a variable factor is increased, the total product primarily enhances at an increasing rate but thereafter enhances at a diminishing rate and finally starts declining.
Assumptions of Law of Variable Proportion
The assumptions of this law have been explained in our Single Variable-Law of Variable Proportion homework and assignment help. The law of Variable Proportion is applicable under the following conditions:
1. Constant Technology
Firstly, the state of technology is assumed to be unchanged and given. If there is an improvement in technology, then the marginal product might increase rather than diminishing.
2. Homogeneous Factor Units
There should be some inputs whose quantity is fixed. It is only in this way you can change the factor proportions and know its impact on output. This law is not applicable when all the factors are varied proportionately.
3. Variable factor proportions
This law assumes that factor proportions are varying. This law is not applicable when the factors of production are used in a fixed proportion.
4. Short-run
This law functions in the short-run when you cannot vary the factor inputs.
Three Stages of Law of Variable Proportion
The three stages of Law of Variable Proportion have been explained in our Single Variable-Law of Variable Proportion research paper writing help as follows:
First Stage
In the first stage, the total product enhances at an increasing rate to a certain point. This is due to the fact the efficiency of fixed factors enhances as extra units when variable factors are added. After a certain point, the total product increases at a diminishing rate. This stage is also known as the stage of increasing returns as the average product of a variable factor enhances in the entire stage.
Second Stage
In the second stage, the total product increases continuously at a reducing rate until it reaches the maximum point where this stage ends. At this stage, the average product and the marginal product of labor are reducing but are positive. In the end, marginal product is below the average product.
Third Stage
In this stage, the total product declines and therefore the curve goes downward. Due to this, the marginal product of labor is negative. The curve of marginal product is below the X-axis. The variable factor in this stage is relative to a fixed factor.
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