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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]
The formula for the coefficient of price elasticity of demand for a good is: [4] [5] [6] ... Together with the concept of an economic "elasticity" coefficient, ...
The formula to solve for the coefficient of price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in Price. = / / Price elasticity of demand can be classified as elastic, inelastic, or unitary.
The coefficient of proportionality is Young's modulus. The higher the modulus, the more stress is needed to create the same amount of strain; an idealized rigid body would have an infinite Young's modulus. Conversely, a very soft material (such as a fluid) would deform without force, and would have zero Young's modulus.
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
A positive income elasticity of demand is associated with normal goods; an increase in income will lead to a rise in quantity demanded. If income elasticity of demand of a commodity is less than 1, it is a necessity good. If the elasticity of demand is greater than 1, it is a luxury good or a superior good.
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.