| 1. | the state or quality of being elastic. |
| 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. |
Elasticity
A measure of sensitivity of one variable to another. More specifically, the degree to which consumers respond to price changes.
Investopedia Commentary
A value greater than 1 = a good sensitive to price
A value less than 1 = insensitive to price
See also: Economics
elasticity
elasticity e·las·tic·i·ty (ĭ-lā-stĭs'ĭ-tē, ē'lā-)
n.
The condition or property of being elastic; flexibility.
The property of returning to an initial form or state following deformation.