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Young's modulus , or the Young modulus , is a mechanical property that measures the stiffness of a solid material. It defines the relationship between stress force per unit area and strain proportional deformation in a material in the linear elasticity regime of a uniaxial deformation. Young's modulus is named after the 19th-century British scientist Thomas Young ; but the concept was developed in by Leonhard Euler , and the first experiments that used the concept of Young's modulus in its current form were performed by the Italian scientist Giordano Riccati in , pre-dating Young's work by 25 years. A solid material will undergo elastic deformation when a small load is applied to it in compression or extension. Elastic deformation is reversible the material returns to its original shape after the load is removed. At near-zero stress and strain, the stress-strain curve is linear , and the relationship between stress and strain is described by Hooke's law that states stress is proportional to strain.

As we know, however, that world is not our world. It's not surprising when a manufacturer substantially increases a product's price, that consumer demand should diminish. Many common items, such as aspirin, are widely available from any number of sources.

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But in other instances, the demand is not elastic at all. Water, for example, is usually supplied in any given municipality by a single quasi-governmental organization, often along with electricity. The New York Times has note for instance, that Amazon often changes prices in ways that are not directly responsive to demand, but rather to the ways consumers order the product - a product that cost X when initially ordered may be filled at X-plus when reordered, often when the consumer has initiated automatic re-ordering.

The actual demand, presumably, hasn't changed, but the price has. If anything, they confirm it, but in interesting and complicated ways.

Firms that are inelastic, on the other hand, have goods and services that are must-haves and enjoy the luxury of setting higher prices.

# Dating law of elasticity

Beyond prices, the elasticity of a good or service directly affects the customer retention rates of a company. Businesses often strive to sell goods or services that have inelastic demand ; doing so means that customers will remain loyal and continue to purchase the good or service even in the face of a price increase.

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What Is Elasticity? Key Takeaways Elasticity is an economic measure of how sensitive an economic factor is to another, for example changes in price to supply or demand, or changes in demand to changes in income. If demand for a good or service is relatively static even when the price changes, demand is said to be inelastic, and its coefficient of elasticity is less than 1.

As noted above, for small deformations, most elastic materials such as springs exhibit linear elasticity and can be described by a linear relation between the stress and strain. This relationship is known as Hooke's law.A geometry-dependent version of the idea was first formulated by Robert Hooke in as a Latin anagram, "ceiiinosssttuv".He published the answer in "Ut tensio, sic vis. Dating law of elasticity In , with imagined elongation and how can we might date, which states that the single spring constant. Economists are useful for crystalline graphite, article. At harvard law, known as a power law says that the elongation and strain experienced by 25 years. This observation leads naturally to the question of what determines how the burden of a tax is shared between consumers and producers. The answer is that the relative burden of a tax on consumers versus producers corresponds to the relative price elasticity of demand versus price elasticity of supply.

Examples of elastic goods include clothing or electronics, while inelastic goods are items like food and prescription drugs. Compare Accounts.

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The offers that appear in this table are from partnerships from which Investopedia receives compensation. Elasticity is an economic term describing the change in the behavior of buyers and sellers in response to a price change for a good or service. Understanding the Cross Elasticity of Demand The cross elasticity of demand measures the responsiveness in the quantity demanded of one good when the price changes for another good.

Quantity Supplied The quantity supplied is a term used in economics to describe the amount of goods or services that are supplied at a given market price.

What Does Inelastic Mean? Young's modulus is also used in order to predict the deflection that will occur in a statically determinate beam when a load is applied at a point in between the beam's supports. Other elastic calculations usually require the use of one additional elastic property, such as the shear modulusbulk modulus or Poisson's ratio. Any two of these parameters are sufficient to fully describe elasticity in an isotropic material.

Young's modulus represents the factor of proportionality in Hooke's lawwhich relates the stress and the strain. However, Hooke's law is only valid under the assumption of an elastic and linear response.

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Any real material will eventually fail and break when stretched over a very large distance or with a very large force; however all solid materials exhibit nearly Hookean behavior for small enough strains or stresses.

If the range over which Hooke's law is valid is large enough compared to the typical stress that one expects to apply to the material, the material is said to be linear. Otherwise if the typical stress one would apply is outside the linear range the material is said to be non-linear. Steelcarbon fiber and glass among others are usually considered linear materials, while other materials such as rubber and soils are non-linear. However, this is not an absolute classification: if very small stresses or strains are applied to a non-linear material, the response will be linear, but if very high stress or strain is applied to a linear material, the linear theory will not be enough.

For example, as the linear theory implies reversibilityit would be absurd to use the linear theory to describe the failure of a steel bridge under a high load; although steel is a linear material for most applications, it is not in such a case of catastrophic failure.

In solid mechanicsthe slope of the stress-strain curve at any point is called the tangent modulus.

A more abstract way of putting it that means pretty much the same thing is that elasticity measures the responsiveness (or you could also say "the sensitivity") of one variable in a given environment - again, consider the monthly sales of a patented pharmaceutical - to a change in another variable, which in this instance is a change in thatliz.com, economists speak of a demand curve, where. The elastic limit is in principle different from the proportional limit, which marks the end of the kind of elastic behaviour that can be described by Hooke's law, namely, that in which the stress is proportional to the strain (relative deformation) or equivalently that in which the load is proportional to the displacement. The elastic limit. The basic law of elasticity is Hooke's law. If a force Fis applied to an elastic object (such as a spring), the object will undergo a change in length ?xwhich will be directly proportional to F. Mathematically, this can be expressed as F = k ? x where k is a proportionality constant called the spring constant.

It can be experimentally determined from the slope of a stress-strain curve created during tensile tests conducted on a sample of the material. Young's modulus is not always the same in all orientations of a material.

Most metals and ceramics, along with many other materials, are isotropicand their mechanical properties are the same in all orientations. However, metals and ceramics can be treated with certain impurities, and metals can be mechanically worked to make their grain structures directional. These materials then become anisotropicand Young's modulus will change depending on the direction of the force vector. For example, carbon fiber has a much higher Young's modulus is much stiffer when force is loaded parallel to the fibers along the grain.

Other such materials include wood and reinforced concrete. Engineers can use this directional phenomenon to their advantage in creating structures.

Apr 29,   Price elasticity of demand is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. Price elasticity of demand is . Young's modulus, or the Young modulus, is a mechanical property that measures the stiffness of a solid material. It defines the relationship between stress (force per unit area) and strain (proportional deformation) in a material in the linear elasticity regime of a uniaxial deformation. Young's modulus is named after the 19th-century British scientist Thomas Young; but the concept was. Jul 01,   Elasticity is an economic measure of how sensitive an economic factor is to another, for example changes in price to supply or demand, or changes in demand to changes in income.

The Young's modulus of a material can be used to calculate the force it exerts under specific strain. Hooke's law for a stretched wire can be derived from this formula:.

But note that the elasticity of coiled springs comes from shear modulusnot Young's modulus. The elastic potential energy stored in a linear elastic material is given by the integral of the Hooke's law:.

In a nonlinear elastic material the Young's modulus is a function of the strain, so the second equivalence no longer holds and the elastic energy is not a quadratic function of the strain:. The Young's modulus of metals varies with the temperature and can be realized through the change in the interatomic bonding of the atoms and hence its change is found to be dependent on the change in the work function of the metal.

Although classically, this change is predicted through fitting and without a clear underlying mechanism e.

Young's modulus can vary somewhat due to differences in sample composition and test method. The rate of deformation has the greatest impact on the data collected, especially in polymers. The values here are approximate and only meant for relative comparison. There are two valid solutions. From Wikipedia, the free encyclopedia.

Mechanical property that measures stiffness of a solid material.

A given uniaxial stress, whether tensile extension or compressive compression creates more deformation in a material with low stiffness red than with a high stiffness blue. Young's modulus is a measure of stiffness. Main article: Linear elasticity. X and XI, Seriei Secundae. Orell Fussli. Mechanics of Materials. Scripta Materialia.

### Introduction to price elasticity of demand - AP? Microeconomics - Khan Academy

Bibcode : arXivR. The Engineering ToolBox.

Retrieved January 6, Archived from the original on January 1, Retrieved February 7, Journal of Nanoscience and Nanotechnology. Bibcode : PNAS. Retrieved March 15, Retrieved February 4,

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