Substitution in example sentence

Within the framework of textbook microeconomic theory, this happens when the “elasticity of substitution” in the production function is greater than one: capital can be substituted for labor, imperfectly, but with a small enough decline in the rate of return so that the share of capital increases with greater capital intensity.

More example sentences with word substitution

If you live in a community with Suboxone or methadone, you may get on a substitution program.

But our fantasies of substitution have cost us.

It's called harm reduction, and it involves, among other things, providing clean needles and syringes, offering opioid substitution therapy and other evidence-based treatments to reduce drug dependence.

We go forward to 2007, not only had the world's stock of data exploded, but there'd been this massive substitution of digital for analog.

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