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production function is relation between firm's production and material factors of production
The theory of production deals with the relationship between the factors of production and the output of goods and services
Factors of production
bodoh,sial,sengal
The income factor affecting income elasticity of demand is weather or not goods are necessities of luxury.
diminshing marginal rate of substitution between factors
The marginal rate of technical substitution refers to the rate at which one input can be substituted for another input without changing the level of output. It can also be defined as the more complete name for the marginal rate of substitution between factors in a production function, sometimes used to distinguish it from the analogous concept in a utility function.
There are four main factors that influence supply elasticity. Those factors are the ability to produce other goods; the ability to shut down and cease business; the ability to take advantage of alternative resources; and the amount of time it takes to respond to changes in price.
production function is relation between firm's production and material factors of production
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Factors of production
The theory of production deals with the relationship between the factors of production and the output of goods and services
There are plenty of factors affecting elasticity of demand including climate of the area. Other factors that effect elasticity of demand include supply and group of people buying.
Factors: elasticity and shape of the object
bodoh,sial,sengal
The income factor affecting income elasticity of demand is weather or not goods are necessities of luxury.
Very good answer here: http://tutor2u.net/economics/content/topics/elasticity/elastic.htm