The law of diminishing returns or variable proportions states that “as successive
and equally efficient units of a variable factor of production are added to a given quantity
of a fixed factor in the short-run and at constant technology, the total output/product (TP)
will initially increase at an increasing rate up-to a point/level where it starts increasing at a
diminishing rate and eventually declines”.
Wilfykil answered the question on February 6, 2019 at 08:20
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