Elasticity

Question 1 Define ad explain using formulae, the term price elasticity of demand. Answer 1 Demand is price elastic if the change in price leads to a even larger proportion of change in demand; therefore price elasticity of demand will therefore be greater than 1. This is because goods that are inelastic have all these qualities or features They are expensive/luxury or costly goods, e.g. or latest smartphones or designer clothes. Goods with many substitutes or similar products have a…

A product will be considered elastic if the product has an elasticity greater than one. A product with an elasticity less than one is considered inelastic. Generally, most products will be considered inelastic. An example would be gasoline, it is inelastic because no matter the price, consumers will continue to buy gas for their cars. Gasoline companies take advantage of this because they know that people need cars and transportation and that will not change. So they are free to higher the price…

Elasticity and Inelasticity Our society runs on the need and wants of others. Everything that is produced, sold and purchased is based on what we “the people” want. With many different occupations and styles that are expressed the need for something new or something stable, whether it is make up with over twenty different brand styles to choose from. Whether it is a vehicle that is constantly changing with the manufactures ideals in what our society wants. Every market out there is looking to…

This concept of price elasticity is stated in our text and also throughout the foundation of general economics. As a general rule of thumb, price elasticity of demand is a measure showing the responsiveness of a certain quantity demanded and how its elasticity is affected when it comes to a change in…

each of the computed elasticities for the business regarding short-term and long- term pricing strategies. In financial matters, income elasticity of interest measures the responsiveness of the amount requested for a decent…

cube center. Figure (4.3): Failure pattern of cubes specimens (C1). 4.2.3. Static Modulus of Elasticity: Modulus of elasticity is a necessary parameter to determine the stresses in materials and structures. Even though concrete has nonlinear stress-strain behavior,…

Introduction This paper focuses on the microeconomic concepts of price elasticity as it relates to supply and demand of a given product; non-price factors that affect supply and demand; and finally market equilibrium and the effects of changes in supply or demand on it. The product selected for this analysis is Tide PODS®, launched in 2012 by Procter and Gamble (Procter and Gamble, 2016a, para. 11). Tide PODS® is an innovative product that Procter and Gamble introduced to the laundry…

There is a lot of competition and being able to gain more business would put any business owner at an advantage of becoming one of the most successful business owners. In business, the purpose of elasticity is to measure the degree of response from a buyer or seller to change in the price of a certain good or service. This would be important to understand in a case such as a business owner who would want to lower prices or have a sale. The business…

4. Total Strain Energy theory or HAIGH’S THEORY 5. Maximum Distortion Energy theory or VONMISES AND HENCKY’S THEORY 1. Maximum Principal Stress theory (M.P.S.T) According to M.P.S.T Condition for failure is, Maximum principal stress (1) failure stresses (Syt or Sut) And Factor of safety (F.O.S) = 1 If σ1 is +ve then Syt or Sut σ1 is –ve then Syc or Suc Condition for safe design, Factor of safety (F.O.S) > 1 Maximum principal stress (1) ≤ Permissible stress (per) Where permissible…

better than the ideal shape used in the current skateboarding market. 2.1 Calculation for Shape Factor Table 2.1.0 Shape Factor for Failure in Bending and Elastic Bending (Hollow rectangle) Area Bending Factor for Failure: γ_B^f Bending factor for Elasticity: γ_B^e w=b=0.178…