Translate the Given Formula to an English Phrase Using the Word

question 306

Short Answer

Translate the given formula to an English phrase using the word ʺvariesʺ.
- $$\mathrm { r } = \frac { \mathrm { d } } { \mathrm { t } } \text {, where } \mathrm { r } \text { is the rate by which distance } \mathrm { d } \text { is covered in time }$$

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Definitions:

Technical Substitution

The process of replacing one combination of inputs or technologies with another to produce the same level of output.

Inputs

Elements utilized in creating products, covering workers, funds, raw materials, and electricity.

Isoquant

A curve depicting all combinations of inputs that result in the production of the same level of output.

Production Function

A mathematical model representing the relationship between the inputs used in production and the output of goods or services.