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07. the elasticity of substitution between perfect substitutes will be: (2 greater than zero (4 infinity (1) zero 3) less than infinity (1) (2 te (3) (4)31
07. The elasticity of substitution between perfect substitutes will be: (2 Greater than zero (4 Infinity (1) Zero 3) Less than infinity (1) (2 Te (3) (4)31
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Nidhi taparia Best Answer
The answer is (4) Infinity. Elasticity of Substitution between factors implies their degree of substitutability or how much of one factor will have to be increased when one unit of the other factor is decreased, keeping the output constant. When factors X and Y are perfect substitutes, that means if one unit of X is reduced, one unit of Y will have to be increased to keep the output constant. Their elasticity of Substitution is infinity.
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