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Elasticity (other)
Elasticity often refers to: *Elasticity (physics), continuum mechanics of bodies that deform reversibly under stress Elasticity may also refer to: Information technology * Elasticity (data store), the flexibility of the data model and the clustering * Elasticity (system resource), a defining feature of distributed system Economics Elasticity (economics), a general term for a ratio of change. For more specific economic forms of elasticity, see: *Cross elasticity of demand * Elasticity of substitution * Frisch elasticity of labor supply *Income elasticity of demand *Output elasticity *Price elasticity of demand * Price elasticity of supply * Yield elasticity of bond value Mathematics *Elasticity of a function, a mathematical definition of point elasticity * Arc elasticity Molecular and Cell Biology * Elasticity coefficient, a biochemical term used in metabolic control analysis Other uses * ''Elasticity'', a 2021 EP by Serj Tankian Serj Tankian ( , ; born August ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elasticity (physics)
In physics and materials science, elasticity is the ability of a body to resist a distorting influence and to return to its original size and shape when that influence or force is removed. Solid objects will deform when adequate loads are applied to them; if the material is elastic, the object will return to its initial shape and size after removal. This is in contrast to ''plasticity'', in which the object fails to do so and instead remains in its deformed state. The physical reasons for elastic behavior can be quite different for different materials. In metals, the Crystal structure, atomic lattice changes size and shape when forces are applied (energy is added to the system). When forces are removed, the lattice goes back to the original lower energy state. For rubber elasticity, rubbers and other polymers, elasticity is caused by the stretching of polymer chains when forces are applied. Hooke's law states that the force required to deform elastic objects should be Prop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elasticity (data Store)
The elasticity of a data store relates to the flexibility of its data model and clustering capabilities. The greater the number of data model changes that can be tolerated, and the more easily the clustering can be managed, the more elastic the data store is considered to be. Types Clustering elasticity Clustering elasticity is the ease of adding or removing nodes from the distributed data store. Usually, this is a difficult and delicate task to be done by an expert in a relational database system. Some NoSQL data stores, like Apache Cassandra have an easy solution, and a node can be added/removed with a few changes in the properties and by adding specifying at least one seed. Data-modelling elasticity Relational databases are most often very inelastic, as they have a predefined data model that can only be adapted through redesign. Most NoSQL data stores, however, do not have a fixed schema. Each ''row'' can have a different number and even different type of columns. Concerning th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elasticity (system Resource)
In computing, elasticity is defined as "the degree to which a system is able to adapt to workload changes by provisioning and de-provisioning resources in an autonomic manner, such that at each point in time the available resources match the current demand as closely as possible". Elasticity is a defining characteristic that differentiates cloud computing from previously proposed distributed computing paradigms, such as grid computing. The dynamic adaptation of capacity, e.g., by altering the use of computing resources, to meet a varying workload is called "elastic computing". In the world of distributed systems, there are several definitions according to the authors, some considering the concepts of scalability a sub-part of elasticity, others as being distinct. Example Let us illustrate elasticity through a simple example of a service provider who wants to run a website on an IaaS cloud. At moment t_0, the website is unpopular and a single machine (most commonly a virtual ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elasticity (economics)
In economics, elasticity measures the responsiveness of one economic variable to a change in another. 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. There are two types of elasticity for demand and supply, one is inelastic demand and supply and the other one is elastic demand and supply. Introduction The concept of price elasticity was first cited in an informal form in the book ''Principles of Economics (Marshall book), Principles of Economics'' published by the author Alfred Marshall in 1890. Subsequently, a major study of the price elasticity of supply and the price elasticity of demand for US products was undertaken by Joshua Levy and Trevor Pollock in the late 1960s. Elasticity is an important concept in neoclassical economic theory, and enables in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cross Elasticity Of Demand
In economics, the cross (or cross-price) elasticity of demand (XED) measures the effect of changes in the price of one good on the quantity demanded of another good. This reflects the fact that the quantity demanded of good is dependent on not only its own price (price elasticity of demand) but also the price of other "related" good. The cross elasticity of demand is calculated as the ratio between the percentage change of the quantity demanded for a good and the percentage change in the price of another good, ceteris paribus:\text = \fracThe sign of the cross elasticity indicates the relationship between two goods. A negative cross elasticity denotes two products that are complements, while a positive cross elasticity denotes two products are substitutes. If products A and B are complements, an increase in the price of B leads to a decrease in the quantity demanded for A, as A is used in conjunction with B. Equivalently, if the price of product B decreases, the demand curve fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elasticity Of Substitution
Elasticity of substitution is the ratio of percentage change in capital-labour ratio with the percentage change in Marginal Rate of Technical Substitution. In a competitive market, it measures the percentage change in the two inputs used in response to a percentage change in their prices.Bergstrom, Ted (2015)''Lecture Notes on Elasticity of Substitution'' p. 5. Viewed June 17, 2016. It gives a measure of the curvature of an isoquant, and thus, the substitutability between inputs (or goods), i.e. how easy it is to substitute one input (or good) for the other. History of the concept John Hicks introduced the concept in 1932. Joan Robinson independently discovered it in 1933 using a mathematical formulation that was equivalent to Hicks's, though that was not implemented at the time.Chirinko, Robert (2006)''Sigma: The Long and Short of It'' '' Journal of Macroeconomics. '' 2: 671-86. Definition The general definition of the elasticity of X with respect to Y is E^X_Y = \frac, which red ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frisch Elasticity Of Labor Supply
The Frisch elasticity of labor supply captures the elasticity of hours worked to the wage rate, given a constant marginal utility of wealth. Marginal utility is constant for risk-neutral individuals according to microeconomics. In other words, the Frisch elasticity measures the substitution effect of a change in the wage rate on labor supply. This concept was proposed by the economist Ragnar Frisch after whom the elasticity of labor supply is named. The value of the Frisch elasticity is interpreted as willingness to work when wage is changed. The higher the Frisch elasticity, the more willing are people to work if the wage increases. The Frisch elasticity can be also referred to as “λ-constant elasticity”, where λ denotes marginal utility of wealth, or also in some macro literature it is referred to as “macro elasticity” as macroeconomic models are set in terms of the Frisch elasticity, while the term “micro elasticity” is used to refer to the intensive margin elast ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Elasticity Of Demand
In economics, the income elasticity of demand (YED) is the responsivenesses of the quantity demanded for a good to a change in consumer income. It is measured as the ratio of the percentage change in quantity demanded to the percentage change in income. For example, if in response to a 10% increase in income, quantity demanded for a good or service were to increase by 20%, the income elasticity of demand would be 20%/10% = 2.0. Mathematical definition :\epsilon_d = \frac The point elasticity version, which defines it as an instantaneous rate of change of quantity demanded as income changes, is as follows. For a given Marshallian demand function Q(I,\vec) , with arguments income and a vector of prices of various goods, :\epsilon_d = \frac\frac This can be rewritten in the form :\epsilon_d = \frac For discrete changes the elasticity is (using the arc elasticity) :\epsilon_d= \times =\times , where subscripts 1 and 2 refer to values before and after the change. Interpr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Output Elasticity
In economics, output elasticity is the percentage change of output ( GDP or production of a single firm) divided by the percentage change of an input. It is sometimes called ''partial output elasticity'' to clarify that it refers to the change of only one input. As with every elasticity, this measure is defined locally, i.e. defined at a point. If the production function contains only one input, then the output elasticity is also an indicator of the degree of returns to scale. If the coefficient of output elasticity is greater than 1, then production is experiencing increasing returns to scale. If the coefficient is less than 1, then production is experiencing decreasing returns to scale. If the coefficient is 1, then production is experiencing constant returns to scale. Note that returns to scale may change as the level of production changes. A different usage of the term "output elasticity" is defined as the percentage change in output per one percent change in ''all'' the inpu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Elasticity Of Demand
A good's price elasticity of demand (E_d, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good ( law of demand), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand for consumer income changes). Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign. Veblen and Giffen goods are t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Elasticity Of Supply
The price elasticity of supply (PES or Es) is commonly known as “a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.” Price elasticity of supply, in application, is the percentage change of the quantity supplied resulting from a 1% change in price. Alternatively, PES is the percentage change in the quantity supplied divided by the percentage change in price. When PES is less than one, the supply of the good can be described as ''inelastic.'' When price elasticity of supply is greater than one, the supply can be described as ''elastic''.Png, Ivan (1999). pp. 129–32. An elasticity of zero indicates that quantity supplied does not respond to a price change: the good is "fixed" in supply. Such goods often have no labor component or are not produced, limiting the short run prospects of expansion. If the elasticity is exactly one, the good is said to be ''unit-elastic''. Differing from pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yield Elasticity Of Bond Value
The yield elasticity of bond value is the elasticity of the market value of a bond with respect to its yield—the percentage change in bond value divided by its causative percent change in the yield to maturity of the bond. Equivalently, it is the derivative of value with respect to yield times the (interest rate/value). This is equal to the Macaulay duration times the discount rate, or the modified duration times the interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, .... If the elasticity is below -1, or above 1 if the absolute value is used, the product of the two measures, value times yield or the interest income for the period will go down when the yield goes up. References {{DEFAULTSORT:Yield Elasticity Of Bond Value Elasticity (economics) Fixed income anal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
