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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:
E=105=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: Ep=ΔQ/QΔP/P
- Ep: Price Elasticity Coefficient
- ΔQ: Change in quantity demanded
- Q: Initial quantity demanded
- ΔP: Change in price
- P: Initial price
Example: Ep=20/1005/50
- ΔQ: 20 units
- Q: 100 units
- ΔP: $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=σϵ
- E: Coefficient of Elasticity (Young's Modulus)
- σ: Stress
- ϵ: Strain
Example: E=2000.01
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: Ep=ΔQ/QΔP/P
- Ep: Price Elasticity Coefficient
- ΔQ: Change in quantity demanded or supplied
- Q: Initial quantity demanded or supplied
- ΔP: Change in price
- P: Initial price
Example: Ep=30/15010/60
- ΔQ: 30 units
- Q: 150 units
- ΔP: $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]=[ML−1T−2][LL−1]=[ML−1T−2]
- [E]: Dimensional formula of elasticity
- [M]: Mass
- [L]: Length
- [T]: Time
Example: [E]=[ML−1T−2]
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=σϵ
- E: Coefficient of Elasticity (Young's Modulus)
- σ: Stress (N/m²)
- ϵ: Strain (dimensionless)
Example: E=3000.02
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