Elasticity of substitution/Definition: Difference between revisions
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The percentage change in the ratio of the amounts of two products that is demanded that is caused by a unit percentage change in the ratio of their unit prices. | The percentage change in the ratio of the amounts of two products that is demanded that is caused by a unit percentage change in the ratio of their unit prices. | ||
Latest revision as of 22:25, 22 May 2008
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Elasticity of substitution [r]: The percentage change in the ratio of the amounts of two products that is demanded that is caused by a unit percentage change in the ratio of their unit prices.