Energyelasticity is a term used with reference to the energy intensity of Gross Domestic Product . It is the percentage change in energy consumption to achieve one per cent change in national GDP . This term has been used when describing sustainable growth in the developing world, while being aware of the need to maintain the security of energy supply and constrain the emission of additional greenhouse gas es. Energyelasticity is a top line measure, as the commercial energy sources used by the country in question are normally further itemised as fossil, renewable, etc. For example, India s national Integrated Energy policy Energy Policy of 2005 noted current elasticity at 0.80, while planning for 7 8 GDP growth. It expected to be able to reduce this to 0.75 from 2011 and to 0.67 from 2021 22. ref http www.thehindubusinessline.com 2006 05 09 stories 2006050900491000.htm To power 7 8 GDP growth N. R. Krishan, The Hindu ref By 2007, India s Ambassador was able to inform the United Nations Security Council that its GDP was growing by 8 , with only 3.7 growth in its total primary energy consumption, ref http www.un.int india 2007 ind1328.htm Statement by Nirupam Sen to UN Security Council UN 17 April 2007 ref suggesting it had effectively de linked energy consumption from economic growth. ref http www.expressindia.com news fullstory.php?newsid 85040 India s energy consumption, growth ... and petroleum . References reflist DEFAULTSORT EnergyElasticity Category Energy economics Category ... 2000, it has consumed proportionately more energy to achieve its high double digit growth rate. Although there are problems with the quality of the estimates of both GDP and energy consumption, by 2003 4 observers placed Chinese energyelasticity at approximately 1.5. ref http www.iea.org textbase speech 2005 jl china.pdf Energy Outlook for China EIA testimony U.S. Senate Committee on Energy and Natural Resources, 3 February 2005 ref For every one percent increase in GDP, energy demand grew by 1.5 ... more details
wiktionary elasticityElasticity may refer to Elasticity physics , continuum mechanics of bodies that deform reversibly under stress Numerous uses are derived from this physical sense of the term, which is inherently mathematical, such as used in Engineering, Chemistry, Construction and variously in Economics Elasticity data store , the flexibility of the data model and the clustering Elasticity economics , a general term for a ratio of change. For more specific economic forms of elasticity, see Beta coefficient 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 Elasticity mathematics , a mathematical definition of point elasticity Arc elasticity See also Elastic disambiguation Elasticity as a List of comic book superpowers Elasticity comic book super power . disambig da Elasticitet de Elastizit t es Elasticidad fa fr lasticit ja ko nl Elasticiteit zh ... more details
orphan date August 2010 cleanup date July 2010 In economics , elasticity economics elasticity is the ratio of the percent change in one variable to the percent change in another variable. Computational elasticity is the application of this concept to how computer systems scale with relation to temporal & monetary costs. The concept of computational elasticity is a particularly useful concept for comparing cloud computing platforms with relation to costs. An example question where the concept of computational elasticity is useful might include If the number of users on my website expands from 100 day to 1000000 day over the course of the next week, what will the cost be to ensure a fast page load? Cost is a function of the infrastructure the site runs on, which in turn is heavily influenced by the computational elasticity of the infrastructure. Infrastructure capable of rapidly accommodating this rapid increase in required computing power at low monetary & temporal cost has a high computational elasticity. Infrastructure that will require significant costs to handle this increase in required computing power has a low computational elasticity. Category Elasticity economics ... more details
Arc elasticity is the Elasticity mathematics elasticity of one variable with respect to another between two given points. Formula The y arc elasticity of x is defined as math E x,y frac mbox change in x mbox change in y math where the percentage change is calculated relative to the midpoint math mbox change in x frac x 2 x 1 x 2 x 1 2 math math mbox change in y frac y 2 y 1 y 2 y 1 2 math The midpoint arc elasticity formula was advocated by R. G. D. Allen due to the following properties 1 symmetric with respect to the two prices and two quantities, 2 independent of the units of measurement, and 3 yield a value of unity if the total revenues at two points are equal. ref R. G. D. Allen, 1933, The concept of arc elasticity of demand. Review of Economic Studies, 1 3 , pp.226 229 ref Arc elasticity is used when there is not a general function for the relationship of two variables. Therefore, point elasticity may be seen as an estimator of elasticity this is because point elasticity may be ascertained whenever a function is defined. For comparison, the y point elasticity of x is given by math E x,y frac partial ln x partial ln y math Application in economics The P arc elasticity of Q is calculated as math mbox change in Q mbox change in P math The percentage is calculated differently from the normal manner of percent change. This percent change uses the average or midpoint of the points .... Then you obtain the arc elasticity a measure of the price elasticity of demand and an estimate of the elasticity of a differentiable curve at a single point using the formula br math E p frac frac .... The percent change in price measured against the midpoint would be 100 , so the price elasticity of demand is 40 100 or 40 . It is common to use the absolute value of price elasticity, since for a normal ... dogs has 40 elasticity, and is therefore inelastic. See also Elasticity of a function Elasticity economics References references Category Elasticity economics ... more details
An Armington Elasticity economics elasticity is an economic parameter commonly used in Economic models models of consumer theory and Trade international trade . It represents the elasticity of substitution between products of different countries, and is based on the assumption made by Paul Armington in 1969 that products traded internationally are differentiated by country of origin. The Armington assumption has become a standard assumption of international Computable general equilibrium CGE models . These models generate smaller and more realistic responses of trade to price changes than implied by models of homogeneous products ref http www personal.umich.edu alandear glossary Deardorff s Glossary of International Economics ref . References references Armington, Paul, 1969, A Theory of Demand for Products Distinguished by Place of Production , International Monetary Fund Staff Papers, XVI 1969 , 159 78 http www.monash.edu.au policy archivep.htm tpmh0088 . DEFAULTSORT Armington Elasticity Category Elasticity economics ... more details
Elasticity of complementarity Hamermesh, 1993 is the percentage responsiveness of relative factor prices to a 1 percent change in relative inputs. Mathematical definition Given the production function math f x 1,x 2 math then the elasticity of complementarity is defined as math c frac d ln left displaystyle frac df dx 1 displaystyle frac df dx 2 right d ln x 2 x 1 frac displaystyle frac d frac df dx 1 frac df dx 2 frac df dx 1 frac df dx 2 displaystyle frac d x 2 x 1 x 2 x 1 . math The inverse of elasticity of complementarity is elasticity of substitution . References Hamermesh, Daniel S., Labor Demand , Princeton University Press, Princeton NJ, 1993, ISBN 0 691 02587 8 classicalmechanics stub Category Elasticity economics ... more details
In economics , output elasticity is the percentage change of output Gross domestic product 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. ref A. Charnes, W. W. Cooper, and A. P. Schinnar 1976 , A theorem on homogeneous functions and extended Cobb Douglas forms , Proc. Natl. Acad. Sci. Vol. 73, No. 10, pp. 3747 3748. ref As with every Elasticity economics 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. ref name Perloff, Microeconomics Theory 2008 Perloff, Microeconomics Theory & Applications with Calculus Pearson 2008 at 193. ref Output elasticity is defined as the percentage change in output per one percent change in all the inputs. ref Hirschey 2003 p. 238. ref The coefficient of output elasticity can be used to estimate returns to scale. ref Hirschey 2003 p. 238. ref E sub Q sub Q X x X Q where X represents the inputs and Q, the output. ref Hirschey 2003 p. 238. ref See also elasticity economics References Reflist DEFAULTSORT Output Elasticity Category Elasticity economics Econ stub de Produktionselastizit t ... more details
Unreferenced date October 2006 Rubber elasticity , a well known example of Hyperelastic material hyperelasticity , describes the mechanical behavior of many polymers, especially those with crosslinking. Invoking the theory of rubber elasticity, one considers a polymer chain in a crosslinked network as an entropic spring. When the chain is stretched, the entropy is reduced by a large margin because there are fewer conformations available. Therefore, there is a restoring force, which causes the polymer chain to return to its equilibrium or unstretched state, such as a high entropy random coil configuration, once the external force is removed. This is the reason why rubber bands return to their original state. Two common models for rubber elasticity are the freely jointed chain model and the worm like chain model. Freely Jointed Chain Model Polymers can be modeled as freely jointed chains with one fixed end and one free end FJC model Image FJCpolymersmall.JPG frame right Model of the freely jointed chain where math b , math is the length of a rigid segment, math n , math is the number of segments of length math b , math , math r , math is the distance between the fixed and free ends, and math L c , math is the contour length or math nb , math . Above the glass transition temperature, the polymer chain oscillates and math r , math changes over time. The probability of finding the chain ends a distance math r , math apart is given by the following Gaussian distribution math P r,n dr 4 pi r 2 left frac 2 n b 2 pi 3 right 3 2 exp left frac 3r 2 2nb 2 right dr , math Note that the movement could be backwards or forwards, so the net time average math langle r rangle math will be zero ... the following basic equations for entropy and Helmholtz free energy , we can model the driving ... the energy required to bend a molecule into account. The variables are the same except that math ... length approaches math L c , math See also Elasticity physics Hyperelastic material Polymers Thermodynamics ... more details
Economics sidebar Confusing date December 2010 In economics , elasticity is the ratio of the percent ... price elasticity of demand , price elasticity of supply , income elasticity of demand , elasticity of substitution between factors of production and elasticity of intertemporal substitution . Elasticity ... choice . Elasticity is also crucially important in any discussion of welfare economics welfare ... work an elasticity is the estimated coefficient in a linear regression equation where both the dependent variable and the independent variable are in natural log s. Elasticity is a popular tool .... A major study of the price elasticity of supply and the price elasticity of demand for US products .... Taylor 1970 . ref Mathematical definition The definition of elasticity is based on the mathematical notion of point elasticity . In general, the x elasticity of y , also called the elasticity of y with respect ... in the limit as the changes become infinitesimal in size. Sometimes the elasticity is defined without the absolute value operator. A context where this use of a signed elasticity is necessary for clarity is the cross price elasticity of demand the responsiveness of the demand for one product to changes ... good complements , this elasticity could be positive or negative. Specific elasticities Elasticities of demand Price elasticity of demand Main Price elasticity of demand Price elasticity of demand ... the extent of movement along the demand curve. This elasticity is almost always negative ... can be assumed. In these terms, then, if the elasticity is greater than 1 demand is said to be elastic ... elasticity of demand Main Income elasticity of demand Income elasticity of demand measures the percentage ... along the X axis. Income elasticity can be used to classify goods as normal or inferior. With a normal ... price elasticity of demand Main Cross price elasticity of demand Cross price elasticity of demand ... price elasticity is a measurement of how far, and in which direction, the curve shifts horizontally ... more details
Infobox journal title Journal of Elasticity cover File CoverIssueJElasticity.jpg discipline peer reviewed abbreviation J. Elasticity impact 1.091 impact year 2009 editor Roger Fosdick website http www.springer.com physics classical continuum physics journal 10659 publisher Springer country history 1971 present frequency 7 year formernames ISSN 0374 3535 eISSN 1573 2681 CODEN LCCN 72624248 OCLC 300184711 Journal of Elasticity , subtitled The Physical and Mathematical Science of Solids, is a peer review peer reviewed scientific journal publishing original research original primary research and literature review review articles on the science of Elasticity physics elasticity . It is published seven times a year by Springer . The editor in chief of Journal of Elasticity is Roger Fosdick. According to the Journal Citation Reports , the journal has a 2009 impact factor of 1.091. ref Journal Citation Reports Journal Citation Reports, 2010 ref Article types Journal of Elasticity publishes full research papers, research notes and historical essays. Abstracting and indexing Journal of Elasticity is abstracted and indexed in the following databases ref name masterList Cite web title Journal of Elasticity work Master Journal List publisher Thomson Reuters date url http science.thomsonreuters.com cgi bin jrnlst jlresults.cgi?PC MASTER&ISSN 0374 3535 format accessdate 2011 03 04 ref Academic OneFile Astrophysics Data System ADS GeoRef INSPEC VINITI Russian Academy of Science Science Citation Index Web of Science Scopus References references External links Official http www.springer.com physics classical continuum physics journal 10659 Category Springer academic journals Category Publications established in 1971 Category English language journals Category Physics journals ... more details
Elasticity Coefficients are used in Physics, Economics, Chemistry, or more generally in mathematics as a definition of point elasticity the below applies to Chemical Elasticity Coefficients. The rate of a chemical ... the reaction rate is described by the elasticity coefficient . This coefficient is defined as follows .... The partial derivative in the definition indicates that the elasticity is measured with respect .... The elasticity coefficient is an integral part of Metabolic control analysis and was introduced in the early ... and Rapoport sup 8 sup in Berlin. The elasticity concept has also been described by other authors ... to the elasticity coefficients. Bruce Clarke sup 9 sup in the early 1970s developed a sophisticated ... Elasticity Coefficients Elasticity coefficients can be calculated in various ways, either numerically or algebraically. Algebraic Calculation of Elasticity Coefficients Given the definition of the elasticity in terms of a Partial derivative it is possible for example to determine the elasticity ... the elasticity coefficient for a Law of mass action mass action rate law such as math v ... the ith reaction order, then the elasticity, math varepsilon v S 1 math can be obtained by differentiating ... v partial S 1 frac S 1 v n 1 k S 1 n 1 1 S 2 n 2 frac S 1 k S 1 n 1 S 2 n 2 n 1 math That is the elasticity ... as with mass action laws but can be a function of the reactant concentration. In this case the elasticity ... constant and math Km 2 math the reverse Km, two elasticity coefficients can be calculated, one with respect ... , then the elasticity coefficient is given by math varepsilon v S frac n 1 S K s n math Note that at low S the elasticity approaches n. At high S the elasticity approaches zero. This means the elasticity ... space. Since the elasticity can be defined logarithmically, that is math varepsilon v S frac partial ... differentiation rules can be defined. Numerical Calculation of Elasticity Coefficients Elasticities .... Elasticity Matrix The unscaled elasticities are often depicted in matrix form, called the elasticity ... more details
Elasticity of substitution is the elasticity economics elasticity of the ratio of two inputs to a production or utility function with respect to the ratio of their marginal products or utilities . ref name sydsaeter Knut Syds ter Sydsaeter, Knut and Hammond, Peter, Mathematics for Economic Analysis, Prentice Hall, 1995, pages 561 562. ref It measures 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. Mathematical definition Let the utility over consumption be given by math U c 1,c 2 math . Then the elasticity of substitution is ref Given that math frac d x 2 x 1 x 2 x 1 d log x 2 x 1 d log x 2 d log x 1 d log x 1 d log x 2 d log x 1 x 2 frac d x 1 x 2 x 1 x 2 math an equivalent way to define the elasticity of substitution is math sigma frac d c 1 c 2 d MRS frac MRS c 1 c 2 frac d log c 1 ... changes as their relative prices change. In discrete time models, the elasticity of substitution of consumption in periods math t math and math t 1 math is known as elasticity of intertemporal substitution . Similarly, if the production function is math f x 1,x 2 math then the elasticity of substitution ... of elasticity of substitution is elasticity of complementarity . Example Consider Cobb Douglas ... is math MRTS frac a 1 a frac x 2 x 1 math Then the elasticity of substitution is math sigma frac ... for the original one, the larger the magnitude of the elasticity of substitution the marginal rate of substitution elasticity of the relative allocation means the more likely to substitute. There are always 2 sides to the market here we are talking about the receiver, since the elasticity of preference is that of the receiver. Notes references See also Constant elasticity of substitution Marginal ... elastic.htm The Elasticity of Substitution , Gon alo L. Fonseca, essay, The New School for Social Research . Category Consumer theory Category Elasticity economics de Substitutionselastizit t fr ... more details
Continuum mechanics cTopic Solid mechanics In physics , elasticity is the physical property of a material that returns to its original shape after the stress mechanics stress e.g. external force s that made it deform is removed. The relative amount of deformation engineering deformation is called the Deformation mechanics strain . The elastic regime is characterized by a linear relationship between stress and strain, denoted linear elasticity . The classic example is a metal Spring device spring . This idea was first stated ref http www.lindahall.org events exhib exhibit exhibits civil design.shtml Arch Design Bot generated title ref by Robert Hooke in 1675 as a Latin anagram ceiiinossssttuu ref cf. his Catenary History description of the catenary , which appeared in the preceding paragraph. ref whose solution he published in 1678 as Ut tensio, sic vis which means As the extension, so the force . This linear relationship is called Hooke s law . The classic model of linear elasticity is the perfect spring device spring . Although the general proportionality constant between stress and strain in three dimensions is a 4th order tensor , when considering simple situations of higher symmetry such as a rod in one dimensional loading, the relationship may often be reduced to applications of Hooke s law. Because most materials are elastic only under relatively small deformations, several ... a rubbery material, these assumptions may not be permissible. However, in general, elasticity refers ... for visualizing this transition. Furthermore, not only solids exhibit elasticity. Some non Newtonian fluid s, such as Viscoelasticity viscoelastic fluids , will also exhibit elasticity in certain conditions ... modulus Linear elasticity Pseudoelasticity Viscoelasticity Resilience Plasticity physics Plasticity References Reflist Physics footer Category Elasticity physics ar az Elastiklik bg ... materiaalkunde ja no Elastisitet pl Spr ysto pt Elasticidade ru simple Elasticity ... more details
In mathematics , elasticity of a positive differentiable function f at point x is defined as ref name sydsaeter Knut Syds ter Sydsaeter, Knut and Hammond, Peter, Mathematics for Economic Analysis, Prentice Hall, 1995, pages 173 175. ref math Ef x frac x f x f x math or, in terms of percentage change math Ef x frac d log f x d log x math It is the ratio of the incremental change of the logarithm of a function with respect to an incremental change of the logarithm of the argument. This definition of elasticity is also called point elasticity , and is the limit of arc elasticity between two points. The elasticity of f is equal to the natural logarithm of the bigeometric derivative of f . See Multiplicative calculus Bigeometric calculus . The term elasticity is widely used in economics see elasticity economics for details. Rules Rules for finding the elasticity of products and quotients are simpler than those for derivatives. Let f, g be differentiable. Then ref name sydsaeter Sydsaeter, Knut and Hammond, Peter, Mathematics for Economic Analysis, Prentice Hall, 1995, pages 173 175. ref math E f x cdot g x E f x E g x math math E frac f x g x E f x E g x math math E f x g x frac f x cdot ... can be expressed in terms of elasticity as math D f x frac E f x cdot f x x math Let a and b be constants ... that you are deriving the reciprocal of elasticity. Therefore opposite rules would apply. The tangency ... curve drawn through the origin has unitary elasticity if you use the method the marginal function ... that the dependent variable is drawn on the Y axis. Semi elasticity A semi elasticity or semielasticity ..., the semi elasticity S of a function f at point x is ref cite book title Introductory Econometrics ... Sf x frac 1 f x f x math or equivalently math Sf x frac d ln f x d x math See also Arc elasticityElasticity economics Homogeneous function References Reflist Yves Nievergelt, The Concept of Elasticity in Economics, SIAM Review , Vol. 25, No. 2 Apr., 1983 , pp. 261 265 DEFAULTSORT Elasticity Of A Function ... more details
for many engineering materials and engineering design scenarios. Linear elasticity is therefore used ... of linear elasticity are Momentum Linear momentum for a system Equation of motion math sigma ji ... of motion are ref name Slaughter Slaughter, W. S., 2002, The Linearized Theory of Elasticity ... Elastostatics is the study of linear elasticity under the conditions of equilibrium, in which ... . A derivation is given in Landau & Lifshitz. ref name LL cite book title Theory of Elasticity ... more principles, a brief explanation to each type of wave discuss Talk Linear elasticity New section needed date September 2010 Elastodynamics is the study of linear elasticity which include variation .... The elasticity of the material provides the restoring force of the wave. When they occur in the Earth ... wave s. Solid s are often assumed to exhibit linear elasticity. That is, Hooke s law is assumed to be valid ..., one can write the elasticity matrix for any linearly elastic medium as math C ijkl ... Contact mechanics Deformation mechanics Deformation Elasticity physics Hooke s law Infinitesimal ... div References Reflist DEFAULTSORT Linear Elasticity Category Elasticity physics Category Solid ... more details
orphan date January 2010 In the linear theory of elasticity physics elasticity Clapeyron s theorem states that the potential energy of deformation of a body, which is in equilibrium under a given load, is equal to half the work done by the external forces computed assuming these forces had remained constant from the initial state to the final state. ref Love, A.E.H., A Treatise on the Mathematical Theory of Elasticity , 4th ed. Cambridge, 1927, p. 173 ref It is named after the French scientist Clapeyron . For example consider a linear spring with initial length L sub 0 sub and gradually pull on the string until it reaches equilibrium at a length L sub 1 sub when the pulling force is F . By the theorem, the potential energy of deformation in the spring is math frac 1 2 F L 1 L 0 . math Note that the actual force increased from 0 to F during the deformation the work done can be computed by integration in distance. Clapeyron s equation, which uses the final force only, may be puzzling at first, but is nevertheless true because it includes a corrective factor of one half. Another theorem, the theorem of three moments used in bridge engineering is also sometimes called Clapeyron s theorem. References reflist DEFAULTSORT Clapeyron s Theorem Elasticity Category Structural analysis Category Continuum mechanics Category Physics theorems classicalmechanics stub ... more details
Unreferenced date December 2009 Yield elasticity of bond value is the percentage change in bond value divided by a one per percentage change in the yield to maturity of the bond. This is equivalent to saying the derivative of value with respect to yield times the interest rate value . This is equal to the MacAulay Bond Duration times the discount rate , or the modified bond duration times the interest rate . If elasticity is below 1, or above 1 if the absolute number is used, it means that the product of the two measures, Value times yield or the interest income for the period will go down DEFAULTSORT Yield Elasticity Of Bond Value Category Elasticity economics ... more details
Economics sidebar In economics , the cross elasticity of demand or cross price elasticity of demand measures ... , the cross elasticity of demand would be math frac 20 10 2 math . Formula The formula used to calculate the coefficient cross elasticity of demand is math E A,B frac rm change rm in rm demand rm ... good complements that is, one is used with the other. In these cases the cross elasticity ... increased. Where the two goods are substitute good substitutes the cross elasticity of demand will be positive ... drinks will rise. In the case of perfect substitutes, the cross elasticity of demand is equal to positive ... consumed of all other goods available to the consumer, the cross elasticity of demand will be zero ... Cross elasticity of demand complements.svg thumb upright 200px Two goods that complement each other show a negative cross elasticity of demand as the price of good Y rises, the demand for good X falls Image Cross elasticity of demand substitutes.svg thumb upright 200px Two goods that are substitutes have a positive cross elasticity of demand as the price of good Y rises, the demand for good X rises Image Cross elasticity of demand independent.svg thumb upright 200px Two goods that are independent have a zero cross elasticity of demand as the price of good Y rises, the demand for good X stays ... demand for product j switches to product i , is measured by the ratio of the cross elasticity to the own elasticity multiplied by the ratio of product i s demand to product j s demand. In the discrete ... as the product of the ratio of the cross elasticity to the own elasticity and the ratio of the demand ... price elasticities of demand Below are some examples of the cross price elasticity of demand XED ... Margarine 0.81 Beef Pork 0.28 Entertainment Food 0.72 See also Economics Supply and demand Elasticity economics Price elasticity of demand Price elasticity of supply Income elasticity of demand Arc elasticity Yield elasticity of bond value References reflist Category Consumer theory Category Elasticity ... more details
Named after Ragnar Frisch , the Frisch elasticity of labor supply captures the Elasticity economics elasticity of hours worked to the wage rate, given a constant marginal utility of consumption. In other words, Frisch elasticity measures the substitution effect of a change in the wage rate on labor supply. ref name dyngeneqmod cite book last Heer first Burkhard coauthors Alfred Maussner title Dynamic General Equilibrium Modelling publisher Springer date 2005 pages 192 isbn 354022095X url http books.google.co.uk books?id WLRZt6GnPn4C&pg PA192&dq Frisch elasticity of labour supply&ei CDFlScSjGJPqyQTXz4X3Bg&client firefox a accessdate 7 1 2009 language English ref References Frisch, Ragnar 1932 New Methods of Measuring Marginal Utility . T bingen Mohr. Frisch, Ragnar 1959 A complete scheme for computing all direct and cross demand elasticities in a model with many sectors . Econometrica 27 177 96. http links.jstor.org sici?sici 0012 9682 28195904 2927 3A2 3C177 3AACSFCA 3E2.0.CO 3B2 J Jstor references Category Welfare economics Category Labor Category Labor economics Category Elasticity economics Category Utility econ stub ... more details
Elasticity of intertemporal substitution is a measure of responsiveness of the growth rate of consumption to the real interest rate . ref http www.jstor.org pss 1833112 Robert Hall, JPE ref It determines how individuals choose to allocate their consumption between the present and the future and hence consumption and saving behavior. The elasticity of intertemporal substitution is equal to the reciprocal of the elasticity of marginal utility with respect to consumption. ref name bsim Barro and Sala i Martin, Economic Growth , pg. 91 ref Mathematical definition If total lifetime utility is given by math U int 0 T e rho t u c t dt math where math u c t math is the utility of consumption in instant time t, then the elasticity of intertemporal substitution is defined as math sigma frac u c u c c math Note that, in a model with uncertainty, this is equal to the inverse of the coefficient of Constant relative risk aversion Measures of risk aversion relative risk aversion If the utility function math u c math is of the Constant Elasticity of Substitution CES type math u c frac c 1 theta 1 1 theta math with special case of math theta 1 math being math u c ln c math then the intertemporal elasticity of substitution is given by math frac 1 theta math . In general a high value of theta low intertemporal elasticity means that consumption growth is very sensitive to changes in the real interest rate. For theta equal to 1, the growth rate of consumption responds one for one to changes in the real interest rate. A high theta implies that insensitive consumption growth. Ramsey Growth model In the Ramsey growth model , the elasticity of intertemporal substitution determines the speed of adjustment to the steady state and the behavior of the saving rate during the transition. If the elasticity ... interest rate is high they will save a large portion of their income. If the elasticity is low ... and consume a lot if the real interest rate is high. Estimates Empirical estimates of the elasticity ... more details
In economics, income Elasticity economics elasticity of Supply and demand demand measures the responsiveness of the demand for a good to a change in the income of the people demanding the good, holding all prices constant under the concept of ceteris paribus . It is calculated as the ratio of the percentage change in demand to the percentage change in income. For example, if, in response to a 10 increase in income, the demand for a good increased by 20 , the income elasticity of demand would be 20 10 2. Interpretation Image Income elasticity of demand inferior goods.svg thumb right Inferior good s demand falls as consumer income increases. A negative income elasticity of demand is associated with inferior good s an increase in income will lead to a fall in the demand and may lead to changes to more luxurious substitutes. A positive income elasticity of demand is associated with normal good s an increase in income will lead to a rise in demand. If income elasticity of demand of a commodity is less than 1, it is a necessity good . If the elasticity of demand is greater than 1, it is a luxury good or a superior good . A zero income elasticity or inelastic demand occurs when an increase in income is not associated with a change in the demand of a good. These would be sticky economics sticky goods. Income elasticity of demand can be used as an indicator of industry health, future consumption patterns and as a guide to firms investment decisions. For example, the selected income elasticities below suggest that an increasing portion of consumer s budgets will be devoted to purchasing automobiles and restaurant meals and a smaller share to tobacco and margarine. ref Frank, Robert ... in real income math More formally, the income elasticity of demand, math epsilon d math , for a given ... math I math , and vector of prices math vec P math . Many necessity necessities have an income elasticity ... countries. ref Perloff, J. 2008 . p.105. ref See also Price elasticity of demand PED Price elasticity ... more details
membrane. Elasticity of lipid vesicles The first step to study the elasticity of cell membranes ... like a nematic liquid crystal at room temperature, and then proposed the curvature energy per unit ... K math are the mean and Gaussian curvature of the membrane surface, respectively. The free energy ... free energy, Ou Yang and Helfrich Phys. Rev. Lett. 59 1987 2486 derived an equation to describe the equilibrium ... the biconcave discoidal shape of normal red cells. Elasticity of open lipid membranes The opening .... Rev. E 68 2003 061915 carefully studied this problem. The free energy of a lipid membrane with an edge ... of the membrane. Elasticity of cell membranes A cell membrane is simplified as lipid bilayer plus ... and homogenous. Thus the free energy density can be expressed as the invariant form of math 2H math ... in 11 are the bending energy of the cell membrane which contributes mainly from the lipid bilayer. The last two terms come from the entropic elasticity of the membrane skeleton. Literature Reviews on configurations ... difference elasticity, Phys. Rev. E 49 1994 5389 5407. Research papers on open membranes 1 A. Saitoh ... of vesicle membranes under elastic bending energy in three dimensions, J. Comput. Phys. 212 2006 ... Theory on the Elasticity of Bio membranes, J. Phys. A Math. Gen. 37 2004 11407 11429. 7 Z. C. Tu ... more details
Multiple issues orphan December 2009 confusing January 2010 Constant Elasticity of Transformation CET is firstly brought forward by Powell and Gruen 1968 ref Powell and Gruen 1968 ref , which is a new form of production possibility frontier . It turned out that CET frontier was algebra ically identical with CES Constant elasticity of substitution isoquant , apart from different sign determining their concavity dn Arrow, Chenery, Minhas, and Solow, 1961 ref Arrow, Chenery, Minhas, and Solow, 1961 ref . Given two products,x sub 1 sub and x sub 2 sub ,which are produced by the same resources combined in different proportions. References Reflist DEFAULTSORT Constant Elasticity Of Transformation Category Production economics ... more details
Wealth elasticity of demand in microeconomics is the proportional change in the consumption of a good economics good relative to a change in consumers Wealth economics wealth as distinct from changes in personal income Meaning in economics and use in economic theory income . Measuring and accounting for the variability in this Elasticity economics elasticity is a continuing problem in behavioral finance and consumer theory . Definition The wealth Elasticity economics elasticity of consumption quantity for some good will determine the size of the expenditure shift due to unexpected changes in net personal wealth, ceteris paribus i.e. the size of the so called wealth effect for a given good . This is analogous to the definition of the income effect from the income elasticity of demand , or the substitution effect from the price elasticity. The measure of wealth is mostly taken to be total personal realizable wealth at market prices, liquid or not Wealth cash balances government Bond finance bonds housing equity stock s other asset s debt Some economists say that bonds are simply a loan ... spiral is controversial . Pigou s reasoning for a positive wealth elasticity was that richer ... by the effect. The elasticity has important implications for monetary policy Investments ... often need to guess the wealth elasticity for asset price changes that have already happened in order ... or first approximation linking the wealth and income elasticities of demand is Income elasticity Wealth elasticity return on investment rate of investment return . However, this approach overlooks ... for windfall asset increases. Econometric research is ongoing to find good wealth elasticity ... are widely believed to hold The wealth elasticity of the poor is much higher than the rich If a pauper ... the wealth elasticity of consumption to drop with asset Volatility finance volatility . I.e. if people ... http www.econweb.com texts current Mansions mansions.html Wealth elasticity of demand for mansions ... more details
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. ref name Cassandra cite web accessdate 2011 03 23 location http blog.octo.com en publisher OCTO Talk title Let s play with Cassandra Part 1 3 quote Elasticity Apache Cassandra Cassandra is liquid would have written any marketer and ... a lot of NoSQL solutions have been built upon this DNA. First of all, elasticity is at the data modeling level. Your data will live longer than your business rules and softness in the way your data schemas can evolve across the time is an interesting point. But elasticity is also about infrastructure and cluster sizing. Adding a new node to Cassandra is simple. Just turn on the AutoBootstrap property and specify at least one Seed of the current cluster. The node will hence be detected, added to the cluster and the data will be relocated the needed time depends on the amount of data to transfer . Decommissioning a node is almost as simple as adding a node except you need to use the nodetool utility which provides more options to visualize the streams between the nodes or a JMX command. url http blog.octo.com en nosql lets play with cassandra part 13 ref Types Clustering elasticity Clustering elasticity is the ease of adding or removing nodes from the distributed computing 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. ref name Cassandra Data modelling elasticity Relational database s are most often very inelastic, as they have a predefined data model that can only be adapted through redesign. NoSQL data stores ... more details
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