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The Flory theory of rubber elasticity suggests that rubber elasticity has primarily entropic origins. By using the following basic equations for Helmholtz free energy and its discussion about entropy, the force generated from the deformation of a rubber chain from its original unstretched conformation can be derived.
Agricultural markets are a context where the cobweb model might apply, since there is a lag between planting and harvesting (Kaldor, 1934, p. 133–134 gives two agricultural examples: rubber and corn). Suppose for example that as a result of unexpectedly bad weather, farmers go to market with an unusually small crop of strawberries.
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.
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 ...
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]
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.
Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market.It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where the quantity demanded equals the quantity supplied ...
Elastic properties describe the reversible deformation (elastic response) of a material to an applied stress. They are a subset of the material properties that provide a quantitative description of the characteristics of a material, like its strength. Material properties are most often characterized by a set of numerical parameters called moduli.