Characteristics of elasticity functions in economics and reliability

In recent decades‎, ‎there has been a significant increase in research focused on dependability across various fields‎, ‎including survival analysis‎, ‎failure rates‎, ‎generalized measures of failure‎, ‎and related characteristics‎. ‎A strong connection exists between the generalized failure rate and the economic concept of elasticity‎. ‎‎Sensitivity analysis employs this ratio to assess how changes in an input variable affect an output variable‎. ‎We apply this ratio to evaluate the sensitivity of an output variable in response to changes in an input variable‎. ‎‎In this article‎, ‎we explain the elasticity function of an economy and its implications for reliability‎. ‎We will also explore how this function relates to dependable and unequal economic indicators‎. ‎Furthermore‎, ‎we will discuss various extensions of Lorenz curves‎, ‎which are instrumental in understanding measures of inequality‎. ‎Our focus has been on Lorenz curve elasticity and its connections to distorted and extended forms of warped curves.