What Is Elasticity?
In the economics of air travel, the term “elasticity” surfaces most commonly when evaluating or describing the “price elasticity of demand.” That ratio is defined as the percent change in quantity of air travel in response to a percent change in the price of air travel. For example, in a given city pair, if a 10% increase in the price of air travel caused a 10% reduction in the number of passengers, the price elasticity of demand would be -1.0. The ratio may vary by market segment, trip purpose, and other factors. It also may be influenced by the availability of substitutes to commercial air travel (e.g., videoconferencing, bus, car, train, private jet). The results of studies offering specific estimates of elasticity can be found in Appendix B (see Table B-1) of The Taxation of Air Transportation (April 2005).
Most polymers are visco elastic, thus when they stretch in the direction of flow, they subsequently attempt to return to their original condition. This is achieved via restoring forces established in the direction of deformation. The magnitude of these restoring forces, measured as first normal stress difference (N1), is a measure of the elasticity. A consequence of elasticity is die swell, where material attempts to return to its original condition after exiting a die and becomes different to the die size.
In physics, elasticity is the ability of a solid to return to its initial shape after having an outside force applied to it and then removed. An object with a high level of elasticity is able to have its shape changed a great deal, while still being able to return to its original form. Solids with little or no elasticity either become permanently deformed or break when a force is applied to them. The term elasticity can also be used to describe the ability of processes or systems to stretch or be flexible. Due to the molecular make up of solids, liquids, and gases, they all react differently to outside stresses. The molecules that make up a solid are very close together and are found in a precise arrangement. This means that there is little room for give when a force is applied to a solid. The molecules of liquids and gases are spread further apart, and move more freely than those of solids. When a force is applied to liquids and gases, they can either flow away from or around the forc
Elasticity refers to the degree of responsiveness in supply or demand in relation to changes in price. If a curve is more elastic, then small changes in price will cause large changes in quantity consumed. If a curve is less elastic, then it will take large changes in price to effect a change in quantity consumed. Graphically, elasticity can be represented by the appearance of the supply or demand curve. A more elastic curve will be horizontal, and a less elastic curve will tilt more vertically. When talking about elasticity, the term “flat” refers to curves that are horizontal; a “flatter” elastic curve is closer to perfectly horizontal.
