What does elasticity of substitution mean?
Definitions for elasticity of substitution
elas·tic·i·ty of sub·sti·tu·tion
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Wikipedia
Elasticity of substitution
Elasticity of substitution is the elasticity of the ratio of two inputs to a production (or utility) function with respect to the ratio of their marginal products (or utilities). In a competitive market, it measures the percentage change in the ratio of two inputs used in response to a percentage change in their prices. It measures the curvature of an isoquant and thus, the substitutability between inputs (or goods), i.e. how easy it is to substitute one input (or good) for the other.
Numerology
Chaldean Numerology
The numerical value of elasticity of substitution in Chaldean Numerology is: 6
Pythagorean Numerology
The numerical value of elasticity of substitution in Pythagorean Numerology is: 9
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"elasticity of substitution." Definitions.net. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.definitions.net/definition/elasticity+of+substitution>.
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