What is meant by return to …
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Posted by Himanshu Singh Chahuan 6 years, 10 months ago
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Yogita Ingle 6 years, 10 months ago
Returns to a factor refers to the change in output when an additional unit of variable input is employed.
The Law of Variable Proportion can be regarded to as 'Returns to a Factor'. According to this law, as more and more of variable factor (labour) is combined with the same quantity of fixed factor (capital), then the total product increases though gradually after a point, the total product becomes smaller and smaller.
The second stage of Law of Variable Proportion is referred as diminishing returns to a factor. Following are the reasons for diminishing returns.
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