Elasticity definition

ĭ-lă-stĭsĭ-tē, ēlă-
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The quality or condition of being elastic.
  • Springiness; flexibility; resilience.
  • Buoyancy of spirit.
  • Adaptability.
noun
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The definition of elasticity is the state of being able to stretch and expand, or to be able to bounce back.

An example of elasticity is the ability of a woman's stomach to stretch during pregnancy.

An example of elasticity is the personality of someone who always recovers easily from disappointment.

adjective
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The condition or property of being elastic; flexibility.
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A measure of how changes in price affect supply or demand for a given good, equal to the percentage of change in supply or demand divided by the percentage of the price change.
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The property of returning to an initial form or state following deformation.
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The degree to which this property is exhibited.
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(econ.) The degree to which the demand for, or supply of, particular goods or services responds to a change in price.
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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.
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(physics) The property by virtue of which a material deformed under the load can regain its original dimensions when unloaded.
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(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.

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The quality of being elastic.
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Other Word Forms

Noun

Singular:
elasticity
Plural:
elasticities