Increasing return to a factor
Describe the likely behaviour of total product beneath the phase of increasing return to a factor.
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Increasing return to a factor is the first level of Law of return to a factor. Whenever more and more units of a variable factor is joined with fixed factor up to a certain phase, the total physical product increases along with increasing rate.
Production possibility curve or PPC: PPC exhibits different combination of a pair of goods, that can be produced with the given resources and method of production, that are fully and proficiently utilized.
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