elasticity of technical substitution |
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Definition
Responsiveness of a firm to price changes in the substitute of an input. It is measured as the ratio of proportionate-change in the relative quantity of two inputs to the proportionate-change in their relative prices. Elasticity of technical substitution shows to what degree two inputs can be substitutes for one another.
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elasticity of technical substitution is in the Economics, Politics, & Society and Industries, Manufacturing, & Technology subjects.
elasticity of technical substitution appears in the definition of the following term: elasticity of substitution
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