K is the Bulk modulus. G is shear modulus or modulus of rigidity. E is Young’s modulus or modulus of Elasticity….Elastic constant formula.

two constants

A material is said to be isotropic if its properties do not vary with direction. Isotropic materials therefore have identical elastic modulus, Poisson’s ratio, coefficient of thermal expansion, thermal conductivity, etc. In order to define the isotropic elastic properties, you must define the elastic modulus Ex .

diamond

Usually, unique goods such as diamonds are inelastic because they have few if any substitutes.

Demand for basic goods such as bread is thought to be inelastic since the amount of bread bought changes little with price. If the price goes up, people have little choice but to pay it, but if it goes down they are unlikely to eat more bread. By comparison, luxury goods are price elastic.

Because 1.25 is greater than 1, the laptop price is considered elastic.

Compared to essential goods, luxury items are highly elastic. Goods with many alternatives or competitors are elastic because, as the price of the good rises, consumers shift purchases to the substitute items. Incomes and elasticity are related—as consumer incomes increase, demand for products increases as well.

Apples, pears, and bananas are expenditure inelastic while oranges, grapes and other fruits are expenditure elastic.

Price Elasticity of Demand For example, a change in the price of a luxury car can cause a change in the quantity demanded. If a luxury car producer has a surplus of cars, they may reduce their price in an attempt to increase demand.

In the real world, price elasticity of demand can be closely tied to brand reputation. For example, Apple has inelastic products because changes in price have little effect on demand: shoppers will still line up outside the store for a new Apple product.

Understanding Inelastic Necessities and medical treatments tend to be relatively inelastic because they are needed for survival, whereas luxury goods, such as cruises and sports cars, tend to be relatively elastic.

Despite a wide variety of empirical methods and data sources, the demand for health care is consistently found to be price inelastic. In addition, the studies consistently find lower levels of demand elasticity at lower levels of cost-sharing.

Recent studies on the determinants of US national healthcare expenditures (HEXP) have investigated income elasticities. Getzen (2000) advises that individual income elasticities are close to zero (inelastic), while national healthcare expenditures are frequently greater than one (elastic).