Question

define coefficient of elasticity

Answer 1

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It is defined as the ratio: ( %change in y ) / ( %change in x ) If y is quantity demanded and x is price, then the ratio represents the price-elasticity coefficient, which indicates the percentage change in quantity as price changes 1%. If x is income then the number becomes the income-elasticity coefficient.

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Answer 2

Here co-efficient of elasticity = stress÷strain.
where stress = force÷area.and strain is change in dimension÷original dimension.
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