ELASTICITY OF SUBSTITUTION

elasticity of substitution: translation

elasticity of substitution elasˌticity 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

elasticity of substitution UK US noun [U]

► ECONOMICS the degree to which the number of products sold changes when the price of another similar product changes, which shows to what degree the two products can replace one another: »

The report discusses the elasticity of substitution between home and foreign goods.

эк. эластичность замещения (характеризует чувствительность оптимального соотношения факторов производства, необходимых для производства определенного товара, к изменению их цен относительно друг друга)