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The elasticity coefficient is an integral part of metabolic control analysis and was introduced in the early 1970s and possibly earlier by Henrik Kacser and Burns [1] in Edinburgh and Heinrich and Rapoport [2] in Berlin. The elasticity concept has also been described by other authors, most notably Savageau [3] in Michigan and Clarke [4] at
In empirical work, an elasticity is the estimated coefficient in a linear regression equation where both the dependent variable and the independent variable are in natural logs. Elasticity is a popular tool among empiricists because it is independent of units and thus simplifies data analysis. [9]
A good with an elasticity of −2 has elastic demand because quantity demanded falls twice as much as the price increase; an elasticity of −0.5 has inelastic demand because the change in quantity demanded change is half of the price increase. [2] At an elasticity of 0 consumption would not change at all, in spite of any price increases.
The price elasticity of supply (PES or E s) is commonly known as “a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.” Price elasticity of supply, in application, is the percentage change of the quantity supplied resulting from a 1% change in price.
The elasticity is the ratio of the percentage change in the dependent variable to the percentage causative change in the independent variable, in the limit as the changes approach zero in magnitude. For an elasticity coefficient r {\displaystyle r} (which can take on any real value), the function's general form is given by
The elasticity at a point is the limit of the arc elasticity between two points as the separation between those two points approaches zero. The concept of elasticity is widely used in economics and metabolic control analysis (MCA); see elasticity (economics) and elasticity coefficient respectively for details.
The NFL playoff schedule is about to be set, with the wild-card dates and times for every matchup to be revealed during Week 18.
In physics and materials science, elasticity is the ability of a body to resist a distorting influence and to return to its original size and shape when that influence or force is removed. Solid objects will deform when adequate loads are applied to them; if the material is elastic, the object will return to its initial shape and size after ...