elasticity
noun
, ˌē-ˌla-, -ˈti-stē\
Definition of elasticity
Examples of elasticity in a Sentence
Recent Examples on the Web
Name: Jeff Kirkham Patent No.: 9,168,044 Patent: Multi-Use Cleat: An easy-to-use tourniquet that stops blood flow with elasticity, like a rubber band wrapped repeatedly around a finger. — Kevin Dupzyk, Popular Mechanics, "A Former Green Beret Rethinks the Standard-Issue Tourniquet," 16 Apr. 2019 Readers listed several constraints that prevent this hypothetical mathematical bridge from physically extending to infinity: wind, nonuniformity, lack of infinite precision, the elasticity or lack of rigidity of the blocks and the table, etc. — Quanta Magazine, "Solution: ‘Hanging Far Out Over the Edge’," 2 Dec. 2016 Cole suggests products that promote flexibility, hydration, and elasticity, like the below. — Katie Berohn, Good Housekeeping, "Everything You Need to Know About Modern Hair Perms," 30 Apr. 2019 The radio-frequency then stimulates the collagen in your skin to re-tighten areas that have lost their elasticity. — Jessica Radloff, Glamour, "I Tried Kim Kardashian's Favorite Laser Skin-Tightening Treatment," 30 May 2019 Apply a cream with peptides, which firm up elasticity, and soy or licorice extract, which lighten dark spots. — Melissa Matthews, Woman's Day, "The Foolproof Anti-Aging Skin Routine," 24 Aug. 2015 There’s also an upcoming skin health trial, designed to measure the effect of Basis on skin elasticity, wrinkles and more. — Nicole Saporita, Good Housekeeping, "Can Elysium Health's Basis Pill Change Your Life?," 26 Dec. 2018 If you're compelled to wash them more frequently, the color and elasticity hold up through regular washing and drying. — Kim Fusaro, Glamour, "The Actual Best Workout Pants Cost Less Than $30," 14 Nov. 2018 The all-in-one treatment claims to address multiple signs of aging—from wrinkles to hyperpigmentation to loss of elasticity—with the added benefit of skin routines. — Maddy Zollo, Town & Country, "Hanacure: The Creepy Korean Facial Taking Over The Beauty World," 12 Nov. 2018These example sentences are selected automatically from various online news sources to reflect current usage of the word 'elasticity.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for elasticity
elasticity
nounFinancial Definition of elasticity
What It Is
Elasticity is a measure of how much the quantity demanded of a service/good changes in relation to its price, income or supply.
How It Works
If the quantity demanded changes a lot when prices change a little, a product is said to be elastic. This often is the case for products or services for which there are many alternatives, or for which consumers are relatively price sensitive. For example, if the price of Cola A doubles, the quantity demanded for Cola A will fall when consumers switch to less-expensive Cola B.
When there is a small change in demand when prices change a lot, the product is said to be inelastic. The most famous example of relatively inelastic demand is that for gasoline. As the price of gasoline increases, the quantity demanded doesn't decrease all that much. This is because there are very few good substitutes for gasoline and consumers are still willing to buy it even at relatively high prices.
Why It Matters
Elasticity is important because it describes the fundamental relationship between the price of a good and the demand for that good.
Elastic goods and services generally have plenty of substitutes. As an elastic service/good's price increases, the quantity demanded of that good can drop fast. Example of elastic goods and services include furniture, motor vehicles, instrument engineering products, professional services, and transportation services.
Inelastic goods have fewer substitutes and price change doesn't affect quantity demanded as much. Some inelastic goods include gas, electricity, water, drinks, clothing, tobacco, food, and oil.
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To learn more about specific types of elasticity, see the following:
Income Elasticity of Demand: the responsiveness of quantity demanded to a change in income.
Price Elasticity of Demand (PED): the responsiveness of quantity demanded to a change in price.
Elasticity of Supply: the responsiveness of the quantity supplied to a change in price.
Source: Investing Answers
elasticity
noun
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Kids Definition of elasticity
elasticity
noun
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Medical Definition of elasticity
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