Elasticity

[ih-la-stis-i-tee, ee-la-stis-] /ɪ læˈstɪs ɪ ti, ˌi læˈstɪs-/

noun
1.
the state or quality of being .
2.
flexibility; resilience; adaptability:
a statement with a great elasticity of meaning.
3.
buoyancy; ability to resist or overcome depression.
4.
Physics. the property of a substance that enables it to change its length, volume, or shape in direct response to a force effecting such a change and to recover its original form upon the removal of the force.
/ɪlæˈstɪsɪtɪ; ˌiːlæ-/
noun
1.
the property of a body or substance that enables it to resume its original shape or size when a distorting force is removed See also elastic limit
2.
the state or quality of being elastic; flexibility or buoyancy
3.
a measure of the sensitivity of demand for goods or services to changes in price or other marketing variables, such as advertising
n.

1660s; see elastic + -ity.

elasticity e·las·tic·i·ty (ĭ-lā-stĭs’ĭ-tē, ē’lā-)
n.

elasticity
(ĭ-lā-stĭs’ĭ-tē)
The ability of a solid to return to its original shape or form after being subject to strain. Most solid materials display elasticity, up to a load point called the elastic limit; loads higher than this limit cause permanent deformation of the material. See also Hooke’s law.

A shift in either demand or supply of a good or service depending on its price. Demand is said to be elastic when it responds quickly to changes in prices, and inelastic when it responds sluggishly.

The property of a material that allows it to return to its original shape after having been deformed and to exert a force while deformed. (See stress.)