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While stretching a rubber sample is the most common example of elasticity, it also occurs when rubber is compressed. Compression may be thought of as a two dimensional expansion as when a balloon is inflated. The molecular mechanisms that produce the elastic force are the same for all types of strain.
For example, the factors that determine consumers' choice of goods mentioned in consumer theory include the price of the goods, the consumer's disposable budget for such goods, and the substitutes of the goods. [3] Within microeconomics, elasticity and slope are closely linked. For price elasticity, the relationship between the two variables on ...
The Gent hyperelastic material model [1] is a phenomenological model of rubber elasticity that is based on the concept of limiting chain extensibility. In this model, the strain energy density function is designed such that it has a singularity when the first invariant of the left Cauchy-Green deformation tensor reaches a limiting value .
The hyperelastic material is a special case of a Cauchy elastic material. For many materials, linear elastic models do not accurately describe the observed material behaviour. The most common example of this kind of material is rubber, whose stress-strain relationship can be defined as non-linearly elastic, isotropic and incompressible.
For rubber and biological materials, more sophisticated models are necessary. Such materials may exhibit a non-linear stress–strain behaviour at modest strains, or are elastic up to huge strains. These complex non-linear stress–strain behaviours need to be accommodated by specifically tailored strain-energy density functions.
Relatively elastic supply: This is when the E s formula gives a result above one, meaning that when there is a change in price, the percentage change in supply is higher than the percentage change in price. Using the above example to show an elastic supply, when there is a 10% increase in price there will be more than a 10% increase in supply. [8]
In continuum mechanics, an Arruda–Boyce model [1] is a hyperelastic constitutive model used to describe the mechanical behavior of rubber and other polymeric substances. This model is based on the statistical mechanics of a material with a cubic representative volume element containing eight chains along the diagonal directions.
An increase in unit price will tend to lead to fewer units sold, while a decrease in unit price will tend to lead to more units sold. For inelastic goods, because of the inverse nature of the relationship between price and quantity demanded (i.e., the law of demand), the two effects affect total revenue in opposite directions.