Question
What does the elasticity of substitution
depict?Solution
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 two inputs used in response to a percentage change in their prices. It gives a measure of 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
Who serves as the Chairman of the Inter-State Council in India?
Which of the following states have been the former union territories?
1. Himachal Pradesh
2. Manipur
3. Haryana
4. Tripura
Under the Indian Constitution any arrested person must be appeared before the nearest magistrate with __ hours.
Match the following stadiums with their alternate names:Â
Which of the following is a condition for becoming a member of the Lok Sabha in India?
Which article of the Indian Constitution ensures the "Freedom of Conscience and Free Profession, Practice, and Propagation of Religion"?
Which of the following is the minimum age to become member of Lok Sabha?
Which landmark Supreme Court case in 1954 declared state laws establishing separate public schools for black and white students unconstitutional?
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