With two factors of production , say , K and L , it is a measure of the curvature of a production isoquant .
The elasticity of substitution between factors of production is a measure of how easily one factor can be substituted for another .
With two factors of production , say , K and L , production is a production of the curvature of a production isoquant .
The elasticity of substitution between factors of production is a measure of how easily one factor can be substituted for another .