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Explain the law of variable proportions

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Business Questions

1. What is the '1st Law of Cybernetics' (aka the 'Law of Requisite Variety')?

2. Highlight six measures that could be adopted by a government to enhance mobility of labour as a factor of production

3. Argue four cases for and fours cases against specialization as a method of production

4. Highlight four features of isoquant curves

5. Enumerate six attributes of money as a medium of exchange

6. Enumerate five sources of external economies of scale

7. Explain the law of variable proportions

8. Enumerate four assumptions underlying the law of variable proportions

9. Identify the sources of diseconomies of scale

10. List three properties of isoquant curves

11. Highlight four salient features of a monopolistic competition market structure

Reference no: EM132888640

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