When a wire, or a rod(whose diameter is not negligible) is subjected to a tensile stress, is there any change in its volume?
If yes, does the volume increase or decrease? Take into consideration both the longitudinal elongation and the lateral contraction.
If no, then what is wrong with the following derivation?
$V=\pi d^2 l/4$$\ \ \ \ \ \ \ \ \ \ \ (V$ is the volume of the wire)
$\implies\Delta V/V=2\Delta d/d +\Delta l/l$
$\implies\Delta V/V=(1-2\sigma)\ \Delta l/l$ $\ \ \ \ \ \ \ (\Delta d/d=-\sigma \Delta l/l)$
where $\sigma$ is Poisson's ratio.