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elasticity definition

elas·tic·ity (ē′las tis′ə tē, i las′-)

noun pl. elasticities -·ties

  1. the quality or condition of being elastic; specif.,
    1. springiness; flexibility; resilience
    2. buoyancy of spirit
    3. adaptability
  2. Econ. the degree to which the demand for, or supply of, particular goods or services responds to a change in price

Webster's New World College Dictionary Copyright © 2005 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.

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