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What does elasticity mean and what is it used for?
Elasticity is about things that stretch and snap back, like rubber bands.
What is the total revenue test for elasticity?
I assume that when you say "elasticity," you mean "price elasticity of demand."Raise price a little. If total revenue goes up, you're in the INELASTIC region (where absolute value of elasticity is greater than 1). If it goes down, you're in the ELASTIC region.
What does it mean if the price elasticity of demand is 2?
It's an elasticity coefficient of demand: deltaD/deltaP When the coefficient is >1 it is an elastic demand When the coefficient is <1 it is a nonelastic demand
What does unitary demand mean?
Unitary is a reference to the type of demand elasticity. Unitary demand elasticity occurs when the elasticity of demand = 1. This indicates that the level of demand changes in-sync with the price at a 1:1 ratio.
What are different types of elasticity?
The elasticity of demand refers to how sensitive the demand for a good is to changes in other economic variables. The different types are: price elasticity, income elasticity, cross elasticity and advertisement elasticity.
What term describes the ability of a solid to return to its original shape?
That ability is known as elasticity.
Which term describes the ability of a solid to return to its original shape?
Elasticity describes the ability of a solid to return to its original shape after being deformed or stretched.
Does oxygen have elasticity?
No, oxygen is a gas and does not have a solid shape at all.
Is rubber a solid substance?
Yes. It is it just has the physical property of elasticity!
What does elasticity mean and what is it used for?
Elasticity is about things that stretch and snap back, like rubber bands.
Why does a rubber band extend though it it is in solid state?
A rubber band can be stretched though it is in solid state because it approves the law of elasticity.
How many times sound travel faster in solid as compared to liquid?
It depends on the temperature, the elasticity, and the density.
What is the total revenue test for elasticity?
I assume that when you say "elasticity," you mean "price elasticity of demand."Raise price a little. If total revenue goes up, you're in the INELASTIC region (where absolute value of elasticity is greater than 1). If it goes down, you're in the ELASTIC region.
What is the convenient unit of resilience?
You mean the moduli of elasticity. That is pascal or N/m2
What does it mean if the price elasticity of demand is 2?
It's an elasticity coefficient of demand: deltaD/deltaP When the coefficient is >1 it is an elastic demand When the coefficient is <1 it is a nonelastic demand
In economics what are the types of elasticity?
price elasticity income elasticity cross elasticity promotional elasticity
What does unitary demand mean?
Unitary is a reference to the type of demand elasticity. Unitary demand elasticity occurs when the elasticity of demand = 1. This indicates that the level of demand changes in-sync with the price at a 1:1 ratio.
