Economy, asked by AryanSuperKid9252, 1 year ago

What is elasticity of substitution

Answers

Answered by akshu2000

1

It is measured as the ratio of proportionate change in the relative demand for two goods to the proportionate change in their relative prices. Elasticity of substitution shows to what degree two goods or services can be substitutes for one another. See also elasticity of technical substitution.

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