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单词 elasticity of substitution
释义

elasticity of substitution

From Longman Business DictionaryRelated topics: Economicselasticity of substitutionelasˌticity of substiˈtution noun [uncountable] ECONOMICS the degree to which one INPUT can be replaced by another. For example, in producing goods, if the cost of wages increases and the cost of machinery and capital used to pay for it stays the same, it may be possible to increase the amount of machinery used and so decrease the amount of wages paid
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