Price elasticity of demandA good's price elasticity of demand (, 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, 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.
Elasticity (economics)In economics, elasticity measures the responsiveness of one economic variable to a change in another. If the price elasticity of the demand of something is -2, a 10% increase in price causes 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 other one is elastic demand and supply.
Cross elasticity of demandIn economics, the cross (or cross-price) elasticity of demand 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:The sign of the cross elasticity indicates the relationship between two goods.
Elasticity of a functionIn mathematics, the elasticity or point elasticity of a positive differentiable function f of a positive variable (positive input, positive output) at point a is defined as or equivalently It is thus the ratio of the relative (percentage) change in the function's output with respect to the relative change in its input , for infinitesimal changes from a point . Equivalently, it is the ratio of the infinitesimal change of the logarithm of a function with respect to the infinitesimal change of the logarithm of the argument.
Price elasticity of supplyThe price elasticity of supply (PES or Es) is 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.
Phase velocityThe phase velocity of a wave is the rate at which the wave propagates in any medium. This is the velocity at which the phase of any one frequency component of the wave travels. For such a component, any given phase of the wave (for example, the crest) will appear to travel at the phase velocity. The phase velocity is given in terms of the wavelength λ (lambda) and time period T as Equivalently, in terms of the wave's angular frequency ω, which specifies angular change per unit of time, and wavenumber (or angular wave number) k, which represent the angular change per unit of space, To gain some basic intuition for this equation, we consider a propagating (cosine) wave A cos(kx − ωt).
Propagation constantThe propagation constant of a sinusoidal electromagnetic wave is a measure of the change undergone by the amplitude and phase of the wave as it propagates in a given direction. The quantity being measured can be the voltage, the current in a circuit, or a field vector such as electric field strength or flux density. The propagation constant itself measures the change per unit length, but it is otherwise dimensionless. In the context of two-port networks and their cascades, propagation constant measures the change undergone by the source quantity as it propagates from one port to the next.
Linear elasticityLinear elasticity is a mathematical model of how solid objects deform and become internally stressed due to prescribed loading conditions. It is a simplification of the more general nonlinear theory of elasticity and a branch of continuum mechanics. The fundamental "linearizing" assumptions of linear elasticity are: infinitesimal strains or "small" deformations (or strains) and linear relationships between the components of stress and strain. In addition linear elasticity is valid only for stress states that do not produce yielding.
Tensile testingTensile testing, also known as tension testing, is a fundamental materials science and engineering test in which a sample is subjected to a controlled tension until failure. Properties that are directly measured via a tensile test are ultimate tensile strength, breaking strength, maximum elongation and reduction in area. From these measurements the following properties can also be determined: Young's modulus, Poisson's ratio, yield strength, and strain-hardening characteristics.
Velocity factorThe velocity factor (VF), also called wave propagation speed or velocity of propagation (VoP or of a transmission medium is the ratio of the speed at which a wavefront (of an electromagnetic signal, a radio signal, a light pulse in an optical fibre or a change of the electrical voltage on a copper wire) passes through the medium, to the speed of light in vacuum. For optical signals, the velocity factor is the reciprocal of the refractive index.
Ultimate tensile strengthUltimate tensile strength (also called UTS, tensile strength, TS, ultimate strength or in notation) is the maximum stress that a material can withstand while being stretched or pulled before breaking. In brittle materials the ultimate tensile strength is close to the yield point, whereas in ductile materials the ultimate tensile strength can be higher. The ultimate tensile strength is usually found by performing a tensile test and recording the engineering stress versus strain.
WaveIn physics, mathematics, engineering, and related fields, a wave is a propagating dynamic disturbance (change from equilibrium) of one or more quantities. Waves can be periodic, in which case those quantities oscillate repeatedly about an equilibrium (resting) value at some frequency. When the entire waveform moves in one direction, it is said to be a traveling wave; by contrast, a pair of superimposed periodic waves traveling in opposite directions makes a standing wave.
Fatigue (material)In materials science, fatigue is the initiation and propagation of cracks in a material due to cyclic loading. Once a fatigue crack has initiated, it grows a small amount with each loading cycle, typically producing striations on some parts of the fracture surface. The crack will continue to grow until it reaches a critical size, which occurs when the stress intensity factor of the crack exceeds the fracture toughness of the material, producing rapid propagation and typically complete fracture of the structure.
Fracture toughnessIn materials science, fracture toughness is the critical stress intensity factor of a sharp crack where propagation of the crack suddenly becomes rapid and unlimited. A component's thickness affects the constraint conditions at the tip of a crack with thin components having plane stress conditions and thick components having plane strain conditions. Plane strain conditions give the lowest fracture toughness value which is a material property.
FractographyFractography is the study of the fracture surfaces of materials. Fractographic methods are routinely used to determine the cause of failure in engineering structures, especially in product failure and the practice of forensic engineering or failure analysis. In material science research, fractography is used to develop and evaluate theoretical models of crack growth behavior. One of the aims of fractographic examination is to determine the cause of failure by studying the characteristics of a fractured surface.
Finite element machineThe Finite Element Machine (FEM) was a late 1970s-early 1980s NASA project to build and evaluate the performance of a parallel computer for structural analysis. The FEM was completed and successfully tested at the NASA Langley Research Center in Hampton, Virginia. The motivation for FEM arose from the merger of two concepts: the finite element method of structural analysis and the introduction of relatively low-cost microprocessors.
Finite element methodThe finite element method (FEM) is a popular method for numerically solving differential equations arising in engineering and mathematical modeling. Typical problem areas of interest include the traditional fields of structural analysis, heat transfer, fluid flow, mass transport, and electromagnetic potential. The FEM is a general numerical method for solving partial differential equations in two or three space variables (i.e., some boundary value problems).
SimulationA simulation is the imitation of the operation of a real-world process or system over time. Simulations require the use of models; the model represents the key characteristics or behaviors of the selected system or process, whereas the simulation represents the evolution of the model over time. Often, computers are used to execute the simulation. Simulation is used in many contexts, such as simulation of technology for performance tuning or optimizing, safety engineering, testing, training, education, and video games.
Discrete element methodA discrete element method (DEM), also called a distinct element method, is any of a family of numerical methods for computing the motion and effect of a large number of small particles. Though DEM is very closely related to molecular dynamics, the method is generally distinguished by its inclusion of rotational degrees-of-freedom as well as stateful contact and often complicated geometries (including polyhedra). With advances in computing power and numerical algorithms for nearest neighbor sorting, it has become possible to numerically simulate millions of particles on a single processor.
Failure analysisFailure analysis is the process of collecting and analyzing data to determine the cause of a failure, often with the goal of determining corrective actions or liability. According to Bloch and Geitner, ”machinery failures reveal a reaction chain of cause and effect... usually a deficiency commonly referred to as the symptom...”. Failure analysis can save money, lives, and resources if done correctly and acted upon.
