What is elasticity?

Economics Dec 19, 2020

What is elasticity?

Expert Solution

The word elasticity is defined as the ability of a material to come back to its original shape after being stretched. For example, the elasticity of the skin changes as it ages.

Elasticicity can also mean the adaptability of something, or in business, elasticity refers to the relation of the change of the product's supply and demand and the change of its income or price.

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