When a metal wire of area of cross-section $1.5\times10^{-6}$ m$^2$ is subjected to a tension of 45 N, the decrease in its area of cross-section is $3\times10^{-10}$ m$^2$. If the Poisson’s ratio of the material of the wire is 0.4, the Young’s modulus of the material of the wire is:
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Poisson’s ratio connects lateral and longitudinal strain.
Area changes are double the lateral strain effect due to both dimensions.
Always check units — stress in N/m$^2$, strain dimensionless.
For ductile materials, $\sigma$ usually ranges between 0.25 and 0.5.