Production And Costs
Return to a factor means, 'Change' in total physical product when an additional unit of a variable factor is employed with fixed factors'. Alternatively 'when only one factor is increased keeping all other factors fixed, the resultant increase in output is called returns to a factor'. It is also known as 'law of return to a factor' although modern economists call it as 'law of variable proportion' because with increase in variable input, the proportion between variable factors and fixed factors gets changed.
Sponsor Area
How will an increase in number of firms shifts the market supply curve?
Sponsor Area
Sponsor Area