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Illustrate about the elasticity of substitution.
The Elasticity of Substitution:
The technical substitution’s marginal rate measures the slope of an isoquant. As well the elasticity of substitution measures the curvature of an isoquant. More exactly, the elasticity of substitution measures the percentage change within the factor ratio divided through the percentage change into the MRTS, along with output being held fixed. When we let ?(x2/x1) be the change into the factor ratio and ?MRTS be the change within the technical rate of substitution, it can express as follows:
σ = ((?(x2/x1))/(x2/x1))/(?MRTS/MRTS)
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
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in the context of managerial economics how do you explain a rational producer.illustrate giving example.
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