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What does a higher modulus of elasticity indicate about a material's ability to resist deformation under stress?
A higher modulus of elasticity indicates that a material is stiffer and more resistant to deformation under stress.
What is the definition for elasticity?
Elasticity is a measure of how sensitive one economic variable is to changes in another variable. It is commonly used to describe the responsiveness of quantity demanded or supplied to changes in price, income, or other factors affecting demand or supply.
What does the modulus of elasticity graph represent in materials science and engineering?
The modulus of elasticity graph represents the relationship between stress and strain in a material, showing how much a material can deform under stress before it permanently changes shape. It is a key factor in understanding the mechanical properties of materials in engineering and science.
What is elastic point?
The elastic point is a theoretical concept used in economics to determine the price elasticity of supply or demand. It represents the point on a demand or supply curve where elasticity is equal to one, indicating a unitary elastic response to price changes. At this point, a percentage change in price leads to an equal percentage change in quantity demanded or supplied.
What is the relationship between the modulus of elasticity and stiffness in materials?
The modulus of elasticity is a measure of a material's ability to deform under stress, while stiffness is a measure of how resistant a material is to deformation. In general, materials with a higher modulus of elasticity tend to be stiffer.
What came up with elasticity?
Elasticity, in economic terms, refers to the responsiveness of one variable to changes in another variable, typically used to measure how the quantity demanded or supplied of a good responds to changes in price. The concept was developed in the 19th century, with significant contributions from economists like Alfred Marshall, who formalized the concept in his work on supply and demand. Elasticity can be categorized into different types, such as price elasticity of demand, income elasticity, and cross-price elasticity, each providing insights into consumer behavior and market dynamics.
What is the concept of unit elasticity and how does it apply in economics?
Unit elasticity is a concept in economics that describes a situation where the percentage change in quantity demanded or supplied is equal to the percentage change in price. In other words, when the price changes by a certain percentage, the quantity demanded or supplied changes by the same percentage. This means that the elasticity coefficient is equal to 1. Unit elasticity is important in economics because it indicates a balanced relationship between price and quantity, where changes in price have a proportional impact on demand or supply.
What changes the elasticity of rubber?
Temperture changes will affect the elasticity of rubber.
Who evolved concept of elasticity of demand?
The concept of elasticity of demand was primarily evolved by economists Alfred Marshall and Arthur Cecil Pigou. Marshall introduced the idea in his seminal work "Principles of Economics" in the late 19th century, where he defined elasticity as a measure of how quantity demanded responds to price changes. Pigou later refined the concept, helping to establish it as a fundamental principle in microeconomic theory.
How useful are the concept of elasticity in running a business successfully?
By the concept of Elasticity in the context of running a business.. the best view is taken in the elasticity of demand. Goods and Services are either highly elastic or low elastic. A good with highly elastic demand will have higher changes to quantities demanded for relatively small changes in price. Whereas something with a lower elastic demand, will not have major changes in demand for a small change in price. So for example, the price of a diamond is highly elastic, a small change in say a fall of diamond prices will have a huge impact, whereas something like salt, an increase or decrease in price will not affect the amount demanded. Thats how useful the concept of elasticity is in running a business successfully.
How is quantity affected by price changes?
supply elasticity
How does the concept of elasticity of demand impact pricing strategies in the market?
The concept of elasticity of demand influences pricing strategies in the market by helping businesses understand how consumers will react to changes in prices. If demand is elastic, meaning consumers are sensitive to price changes, businesses may need to lower prices to increase sales. If demand is inelastic, meaning consumers are less sensitive to price changes, businesses may be able to raise prices without losing customers. Understanding elasticity of demand helps businesses set prices that maximize profits and maintain competitiveness in the market.
Demonstrate the Relationship between elasticity and totoal revenue?
how government use the elasticity concept to genrate revenue
Why is elasticity of demand a fine theoretical concept of economists but difficult for marketers to use in practice?
it is what elasticity of demand
Why is elasticity an important concept for toll bridges?
It's not. A toll bridge can be rigid. Now if you were to ask the same and omit 'toll'..... bridges depending on type, need flexibility and elasticity for contraction and expansion during changes in ambient temperature and ground movement
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 are the benefits of elasticity to government?
How can government benefit from the elasticity concepts? Analyse the various economic policies which will benefit from the concept.
