elasticity

(redirected from Hooke's law)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.
Related to Hooke's law: Spring constant

Elasticity of Demand

The relative stability of a security's or product's price in the face of increased or decreased demand. Elastic securities or products have prices that move as independently as possible from changes in demand. In securities, elasticity is strongly influenced by the number of shares outstanding; if a company has many shares outstanding, a large order to buy or sell them is less likely to affect the price as strongly as a similar order for a company with comparatively few shares outstanding. In other products, elasticity largely comes from whether a given product is considered a necessity or a luxury. A "necessary" product is likely to be more elastic. See also: Income Elasticity of Demand.

elasticity

The responsiveness of the quantity purchased of an item to changes in the item's price. If the quantity purchased changes proportionately more than the price, the demand is elastic. If the quantity purchased changes proportionately less than the price, the demand is inelastic. For example, price increases by cigarette manufacturers have a relatively small effect on cigarette consumption, thus, the demand for cigarettes is inelastic.

elasticity

The ability of the real estate market to respond to price increases over a fairly short period of time.

References in periodicals archive ?
Indeed, mathematically, the pigment matrix reasonably obeys Hooke's Law during the rapid phases of aggregation and dispersion (see Table 1), and thus can be considered as a spring that is alternately stretched and compressed.
It is argued that since the contact force computed with Hooke's Law does not involves any dynamics, and since virtual objects based on kinematic primitives cannot convey any dynamic deformation, then, a haptic interface based on Hooke's Law and virtual kinematic primitives are limited to establish a realistic interaction with the operator because the operator is a dynamical system immersed into a dynamical world.
For example, Hooke's law says that stress is proportional to strain.
Among the most famous is the one that concealed Hooke's law of elasticity, which states that a force exerted by a spring is proportional to its extension, a fundamental concept in structural engineering.
Hooke's law of elasticity, Fourier's law of heat conduction, and Darcy's Law for fluid flow in porous media.
working correctly: When testing the specimen from soft carbon steel, the load-elongation-curve shows the linear Hooke's law area and at its end a distinctive yield strength.
A material that exhibits nonlinear strain behavior and large deformations at small applied stresses is not adequately characterized by Hooke's law, and a functional expression is needed to describe its stress-strain relationship.