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The magnetoelectric effect element has been treated as one of the electric-circuit elements and the equivalent circuit calculated by introducing four-terminal constants. The circuit is shown to contain the gyrator, and it is concluded that its capacitance operates as the inductance. The results have theoretically been applied to the low-frequency isolator, and the transmission characteristics of the ladder-type circuit are discussed by shifting a connection. At the same time, the result obtained is extended to the distributed constant line, and its transmission characteristics have proved to be unusual.