Define the elasticity of substitution, write down the formula, and EXPLAIN, using a graph, what the elasticity of substitution

formula is measuring.

b. In an age of automation, I would argue that one reason for going to college is to make it more difficult for firms to find substitute

for YOU. How would you expect the elasticity of substitution to be different between (1) machines and high school graduates, and (2)

machines and college graduates? Support your answer with isoquant maps and EXPLAIN some reasons.