Elasticity

Pronunciation

• UK IPA: /ɪ.læsˈtɪs.ɪ.ti/

Full definition of elasticity

Noun

1. (physics) The property by virtue of which a material deformed under the load can regain its original dimensions when unloaded
2. (economics) The sensitivity of changes in a quantity with respect to changes in another quantity.If the sales of an item drop by 5 % when the price increases by 10 %, its price elasticity is -0.5.
3. The quality of being elastic.
4. Adaptability.

Derived terms

• inelasticity