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The elastic modulus of an object is defined as the slope of its stress–strain curve in the elastic deformation region: [1] A stiffer material will have a higher elastic modulus. An elastic modulus has the form: =
The constant is called the modulus of elasticity (or just modulus) while its reciprocal is called the modulus of compliance (or just compliance). There are three postulates that define the ideal elastic behaviour: (1) the strain response to each level of applied stress (or vice versa) has a unique equilibrium value;
For example, if the price elasticity of the demand of a good is −2, then a 10% increase in price will cause the quantity demanded to fall by 20%. Elasticity in economics provides an understanding of changes in the behavior of the buyers and sellers with price changes.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
An example in microeconomics is the constant elasticity demand function, in which p is the price of a product and D(p) is the resulting quantity demanded by consumers.For most goods the elasticity r (the responsiveness of quantity demanded to price) is negative, so it can be convenient to write the constant elasticity demand function with a negative sign on the exponent, in order for the ...
Young's modulus is the slope of the linear part of the stress–strain curve for a material under tension or compression. Young's modulus (or Young modulus) is a mechanical property of solid materials that measures the tensile or compressive stiffness when the force is applied lengthwise. It is the modulus of elasticity for tension or axial ...
The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to e-commerce —a payment for buying and selling goods or services offered through the Internet, or broadly to any type of electronic ...
The springs used are large, stiff springs with a high modulus of elasticity, and they are highly tensioned. A compound pulley system is then used so that the large force exerted by the spring can be divided by a factor of five, for example, so the cable exiting the pulley system will have only moderate tension. Most importantly, however, when ...