When there is increase in the production, we normally increase the labour rather than the machinery. The more labour employed in the production process, there will be raise in the production. But continuous increase in the labour may lead to decrease in the production after certain point. Here comes the question. How many employees should be employed to get maximum production? Law of variable proportion answers the question of the employment of labour for optimum production? Explain the Law of Variable Proportions in detail?

When there is increase in the production, we normally increase the labour rather than the machinery. The more labour employed in the production process, there will be raise in the production. But continuous increase in the labour may lead to decrease in the production after certain point. Here comes the question. How many employees should be employed to get maximum production? Law of variable proportion answers the question of the employment of labour for optimum production? Explain the Law of Variable Proportions in detail?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
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