Elasticity (economics)

Summary

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. Introduction Elasticity is an important concept in neoclassical economic theory, and enables in the understanding of various economic concepts, such as the incidence of indirect taxation, marginal concepts relating to the theory of the firm, distribution of wealth, and different types of goods

Official source

https://en.wikipedia.org/wiki/Elasticity_(economics)

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Inelastic Analysis of Structures

Dilatant hardening of fluid-saturated sandstone

Roman Makhnenko

The presence of pore fluid in rock affects both the elastic and inelastic deformation processes, yet laboratory testing is typically performed on dry material even though in situ the rock is often saturated. Techniques were developed for testing fluid-saturated porous rock under the limiting conditions of drained, undrained, and unjacketed response. Confined compression experiments, both conventional triaxial and plane strain, were performed on water-saturated Berea sandstone to investigate poroelastic and inelastic behavior. Measured drained response was used to calibrate an elasto-plastic constitutive model that predicts undrained inelastic deformation. The experimental data show good agreement with the model: dilatant hardening in undrained triaxial and plane strain compression tests under constant mean stress was predicted and observed.

Amer Geophysical Union2015

Cyclic metal plasticity model parameters with limited information: a constrained optimization approach

Albano António De Abreu E Presa De Castro E Sousa, Alexander Riley Hartloper, Dimitrios Lignos

Tensile test data for structural steels are ubiquitous. Yet, the information monotonic loading provides with respect to the material's characteristics is limited. Notably, features of inelastic response to cyclic loading, such as the Bauschinger eect, can not be determined without testing with a load reversal protocol. This paper aims at addressing this shortcoming by formulating a constrained optimization problem that provides best-t material parameters to a tensile test, while simultaneously imposing representative cyclic properties for structural steels. Recommendations on constraints are given. Results demonstrate that improvements can be achieved when compared to: (1) direct ts to tensile data and (2) input model parameters from the same steel material but from different batches calibrated to a wide range of strain-based protocols. Given the available data, it is concluded that simpler models with one backstress tend to perform best with the proposed constraints.

2021