What is substitution effect of change in the price of an input? How can it be measured? Illustrate..
What is superabundance issue of qualify in the charge of an input? How can it be measured? Illustrate your rejoinder after a while the succor of isoproduct and isoquant curves.
Which of the subjoined stipulations specifies the last absorb input association?
(b) PL/PK =MPL/MPK
(d) MPK/MPL = ΔL/ΔK
(e) All the above