1. Calculate AP and TP
Labour-. 1. 2. 3. 4. 5. 6.
MP of labor:. 3. 5. 7. 5. 3. 1
2. Describe the Law of Variable Proportion with the help of a diagram.
3. Explain the relation between AP and MP.
Dear student
Ques no. 1
Ques no. 2
DISCLAIMER:- Solutions to your Question no.1 and 2 have been provided above. For remaining queries, we request you to post them in separate threads to have rapid assistance
Ques no. 1
Ques no. 2
The law of variable proportion states that when we increase the quantity of only one input keeping other inputs fixed, total product (tp) initially increases at an increasing rate, then at a decreasing rate and finally at a negative rate.
According to the Law of Variable Proportions, the changes in TP and MP can be classified into the following three phases:
Phase I: TP rises at an increasing rate
MP increases
Phase II: TP rises at a decreasing rate
MP falls
Phase III: TP falls
MP becomes negative
DISCLAIMER:- Solutions to your Question no.1 and 2 have been provided above. For remaining queries, we request you to post them in separate threads to have rapid assistance
from our experts.
Regards
Regards