Question
What is the value of elasticity of substitution in case
of complements?Solution
σ=0 indicates that the inputs cannot substitute for each other, indeed they are perfect complements; one cannot be employed without also employing the other. For example, in car production, wheels require tyres; neither is sufficient on its own. Thus wheels and tyres are perfect complements.
Given below are two statements
Statement I
A Species is generally defined as a uniform interbreeding population spread over time and spa...
The World Trade Organization helps in facilitating this trade by providing a framework for negotiating the various trade agreements. Its headquarter is ...
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Central Institute of Cotton Research is situated in
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What is the recommended light intensity for Dendrobium orchid cultivation?
Find the suitable word for blank “b”.
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What is the correct definition of "Economic Injury Level (EIL)"?
