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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.
In differential calculus, elasticity is a tool for measuring the responsiveness of one variable to changes in another causative variable. Elasticity can be quantified as the ratio of the percentage change in one variable to the percentage change in another variable when the latter variable has a causal influence on the former and all other ...
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 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 ...
Ivan Stephan Sokolnikoff (1901, Chernigov Province, Russian Empire – 16 April 1976, Santa Monica) was a Russian-American applied mathematician, who specialized in elasticity theory and wrote several mathematical textbooks for engineers and physicists.
The elasticity tensor is a fourth-rank tensor describing the stress-strain relation in a linear elastic material. [ 1 ] [ 2 ] Other names are elastic modulus tensor and stiffness tensor . Common symbols include C {\displaystyle \mathbf {C} } and Y {\displaystyle \mathbf {Y} } .
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 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
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