Terminological Inconsistencies of "Elasticity of Substitution," "Substitution Curve," and "Marginal Rate of Substitution": A Correction

Authors

  •   Arup Kanti Konar Associate Professor of Economics, Department of Economics, Achhruram Memorial College, Sidho-Kanho-Birsha University, Jhalda, Purulia -723 202, West Bengal

DOI:

https://doi.org/10.17010/aijer/2013/v2i3/54517

Keywords:

Isoquant

, Isocost, Substitution

D21

, D24

Abstract

The present paper seeks to correct the inconsistencies of the three terms: (i) "elasticity of substitution" (ES), (ii) "substitution curve" (SC), and (iii) "marginal rate of substitution" (MRS). Such inconsistencies persist since their introduction in the 1930s. The correction of such inconsistencies can be executed in terms of Konar's (2009, 2012) "isoquant substitution curve" (IQSC) and "isocost substitution curve" (ICSC).

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Published

2013-06-01

How to Cite

Konar, A. K. (2013). Terminological Inconsistencies of "Elasticity of Substitution," "Substitution Curve," and "Marginal Rate of Substitution": A Correction. Arthshastra Indian Journal of Economics & Research, 2(3), 4–12. https://doi.org/10.17010/aijer/2013/v2i3/54517

Issue

Volume 2, Issue 3, May-June 2013

Section

Microeconomics
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