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In economics, the price elasticity of demand refers to the elasticity of a demand function Q(P), and can be expressed as (dQ/dP)/(Q(P)/P) or the ratio of the value of the marginal function (dQ/dP) to the value of the average function (Q(P)/P). This relationship provides an easy way of determining whether a demand curve is elastic or inelastic ...
Elasticity often refers to: ... Mathematics. Elasticity of a function, a mathematical definition of point elasticity; Arc elasticity;
Elasticity of scale or output elasticity measures the percentage change in output induced by a collective percent change in the usages of all inputs. [20] A production function or process is said to exhibit constant returns to scale if a percentage change in inputs results in an equal percentage in outputs (an elasticity equal to 1).
The y arc elasticity of x is defined as: , = % % where the percentage change in going from point 1 to point 2 is usually calculated relative to the midpoint: % = (+) /; % = (+) /. The use of the midpoint arc elasticity formula (with the midpoint used for the base of the change, rather than the initial point (x 1, y 1) which is used in almost all other contexts for calculating percentages) was ...
A specific element x of X is a value of the variable, and the corresponding element of Y is the value of the function at x, or the image of x under the function. The image of a function, sometimes called its range, is the set of the images of all elements in the domain. [6] [7] [8] [9]
An example in microeconomics is the constant elasticity demand function, in which p is the price of a product and D(p) is the resulting quantity demanded by consumers.For most goods the elasticity r (the responsiveness of quantity demanded to price) is negative, so it can be convenient to write the constant elasticity demand function with a negative sign on the exponent, in order for the ...
The compatibility conditions in linear elasticity are obtained by observing that there are six strain-displacement relations that are functions of only three unknown displacements. This suggests that the three displacements may be removed from the system of equations without loss of information.
Linear elasticity is a mathematical model as to how solid objects deform and become internally stressed by prescribed loading conditions. It is a simplification of the more general nonlinear theory of elasticity and a branch of continuum mechanics .