In general terms, the elasticity of substitution between any two variable inputs that are substitutable equals the percent change in input ratio divided by the percent change in the ratio of the inputs' marginal productivities, holding the level of output constant.

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The elasticity of substitution measures how easily one input can be substituted for another while maintaining the same level of output, calculated as the percentage change in the input ratio divided by the percentage change in the marginal rate of technical substitution.

In General Terms, the Elasticity of Substitution Between Any Two