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.
SteelSteel is an alloy of iron and carbon with improved strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels, which are resistant to corrosion and oxidation, typically need an additional 11% chromium. Because of its high tensile strength and low cost, steel is used in buildings, infrastructure, tools, ships, trains, cars, bicycles, machines, electrical appliances, furniture, and weapons. Iron is the base metal of steel.
EPDM rubberEPDM rubber (ethylene propylene diene monomer rubber) is a type of synthetic rubber that is used in many applications. Dienes used in the manufacture of EPDM rubbers are ethylidene norbornene (ENB), dicyclopentadiene (DCPD), and vinyl norbornene (VNB). 4-8% of these monomers are typically used. EPDM is an M-Class rubber under ASTM standard D-1418; the M class comprises elastomers with a saturated polyethylene chain (the M deriving from the more correct term polymethylene).
Synthetic rubberA synthetic rubber is an artificial elastomer. They are polymers synthesized from petroleum byproducts. About 32 million metric tons of rubbers are produced annually in the United States, and of that amount two thirds are synthetic. Synthetic rubber, just like natural rubber, has many uses in the automotive industry for tires, door and window profiles, seals such as O-rings and gaskets, hoses, belts, matting, and flooring. They offer a different range of physical and chemical properties which can improve the reliability of a given product or application.
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.
Structural engineerStructural engineers analyze, design, plan, and research structural components and structural systems to achieve design goals and ensure the safety and comfort of users or occupants. Their work takes account mainly of safety, technical, economic, and environmental concerns, but they may also consider aesthetic and social factors. Structural engineering is usually considered a specialty discipline within civil engineering, but it can also be studied in its own right.
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.
Carbon steelCarbon steel is a steel with carbon content from about 0.05 up to 2.1 percent by weight. The definition of carbon steel from the American Iron and Steel Institute (AISI) states: no minimum content is specified or required for chromium, cobalt, molybdenum, nickel, niobium, titanium, tungsten, vanadium, zirconium, or any other element to be added to obtain a desired alloying effect; the specified minimum for copper does not exceed 0.40%; or the specified maximum for any of the following elements does not exceed the percentages noted: manganese 1.
Strength of materialsThe field of strength of materials (also called mechanics of materials) typically refers to various methods of calculating the stresses and strains in structural members, such as beams, columns, and shafts. The methods employed to predict the response of a structure under loading and its susceptibility to various failure modes takes into account the properties of the materials such as its yield strength, ultimate strength, Young's modulus, and Poisson's ratio.
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.
Stainless steelStainless steel, also known as inox or corrosion-resistant steel (CRES), is an alloy of iron that is resistant to rusting and corrosion. It contains at least 10.5% chromium and usually nickel, and may also contain other elements, such as carbon, to obtain the desired properties. Stainless steel's resistance to corrosion results from the chromium, which forms a passive film that can protect the material and self-heal in the presence of oxygen. The alloy's properties, such as luster and resistance to corrosion, are useful in many applications.
