Coefficient of Elasticity Calculator
Definition
- Coefficient of Elasticity (E): Measures the responsiveness of the quantity demanded of a good to a change in its price.
- Percentage Change in Quantity Demanded (Q): The percentage change in the quantity of the good demanded.
- Percentage Change in Price (P): The percentage change in the price of the good.
Example
Let's say the percentage change in quantity demanded (Q) is 10% and the percentage change in price (P) is 5%. Using the formula:
\[
\text{E} = \frac{10}{5} = 2
\]
So, the coefficient of elasticity is 2, indicating that demand is relatively elastic.
Extended information about Coefficient-of-Elasticity-Calculator
Extended information about Price Elasticity Coefficient Calculator
Definition: The price elasticity coefficient measures the responsiveness of the quantity demanded of a good to a change in its price.
Formula: \( E_p = \frac{\Delta Q / Q}{\Delta P / P} \)
- \( E_p \): Price Elasticity Coefficient
- \( \Delta Q \): Change in quantity demanded
- \( Q \): Initial quantity demanded
- \( \Delta P \): Change in price
- \( P \): Initial price
Example: \( E_p = \frac{20 / 100}{5 / 50} \)
- \( \Delta Q \): 20 units
- \( Q \): 100 units
- \( \Delta P \): $5
- \( P \): $50
Extended information about Coefficient of Elasticity (Physics)
Definition: The coefficient of elasticity in physics measures the stiffness of a material, defined as the ratio of stress to strain.
Formula: \( E = \frac{\sigma}{\epsilon} \)
- \( E \): Coefficient of Elasticity (Young's Modulus)
- \( \sigma \): Stress
- \( \epsilon \): Strain
Example: \( E = \frac{200}{0.01} \)
- \( \sigma \): 200 N/m²
- \( \epsilon \): 0.01
Extended information about Coefficient of Price Elasticity Formula
Definition: The coefficient of price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price.
Formula: \( E_p = \frac{\Delta Q / Q}{\Delta P / P} \)
- \( E_p \): Price Elasticity Coefficient
- \( \Delta Q \): Change in quantity demanded or supplied
- \( Q \): Initial quantity demanded or supplied
- \( \Delta P \): Change in price
- \( P \): Initial price
Example: \( E_p = \frac{30 / 150}{10 / 60} \)
- \( \Delta Q \): 30 units
- \( Q \): 150 units
- \( \Delta P \): $10
- \( P \): $60
Extended information about Coefficient of Elasticity Dimensional Formula
Definition: The dimensional formula of the coefficient of elasticity is derived from its definition as the ratio of stress to strain.
Formula: \( [E] = \frac{[M L^{-1} T^{-2}]}{[L L^{-1}]} = [M L^{-1} T^{-2}] \)
- \( [E] \): Dimensional formula of elasticity
- \( [M] \): Mass
- \( [L] \): Length
- \( [T] \): Time
Example: \( [E] = [M L^{-1} T^{-2}] \)
- \( [M] \): kg
- \( [L] \): m
- \( [T] \): s
Extended information about Coefficient of Elasticity Unit
Definition: The unit of the coefficient of elasticity is derived from its formula as the ratio of stress to strain.
Formula: \( E = \frac{\sigma}{\epsilon} \)
- \( E \): Coefficient of Elasticity (Young's Modulus)
- \( \sigma \): Stress (N/m²)
- \( \epsilon \): Strain (dimensionless)
Example: \( E = \frac{300}{0.02} \)
- \( \sigma \): 300 N/m²
- \( \epsilon \): 0.02
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