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I think a lot of research has confirmed the importance of this ratio, which gives an indication of the water quality on the one hand and also find out which nutrients are limiting factor to the growth of phytoplankton (Schindler, 1978, Wetzel, 2001)
In aquatic systems nitrogen is considered potentially limiting if TN:TP is below 9, while phosphorus is considered potentially limiting at a TN:TP ratio of approx. 22 (Guildford et al. 2000). N limitation or NP co-limitation can occur when N supply to the system is outpaced by P and N:P ratio becomes lower than the Redfield ratio of 16:1 which is considered as optimal for phytoplankton growth. The nutrient limitation may even shift from N to P and vice versa, all depends or relative proportion- too much or too little both are bad!