elasticity
noun
, ˌē-ˌla-, -ˈti-stē\
Definition of elasticity
Examples of elasticity in a Sentence
Recent Examples on the Web
Cooper’s ability to convey the elasticity and potential of the domestic space in her rhetoric made for energetic, persuasive prose. — Hannah Giorgis, The Atlantic, "How Black Suffragettes Subverted the Domestic Sphere," 18 Aug. 2019 This is a story that supplants a fictional moralistic binary with a more realistic take on the elasticity of identity. — Soraya Roberts, Longreads, "Won’t You Be My Neighbor: An Anti-Hate Pop Culture Syllabus," 9 Aug. 2019 Our skin cells have a natural moisturizing factor (NMF), which helps maintain skin elasticity and prevent lips from chapping and cracking, Talakoub explains. — Talia Abbas, SELF, "We Asked Derms How to Keep Dry Lips Moisturized During Winter and Here’s What They Told Us," 11 Dec. 2018 There are some benefits to using the texturing in persons who have thin tissues or poor elasticity of the skin. — Naseem S. Miller, orlandosentinel.com, "Textured breast implant recall: What you need to know," 7 Aug. 2019 Collagen’s benefits are so striking because this protein is what helps give our skin strength and elasticity, along with replacing dead skin cells. — Better Health Market, Detroit Free Press, "The top 5 ways collagen can help your body run better," 30 July 2019 Leaning into their elasticity, Weekend's version flowed from Santana-indebted Latin rhythms to a post-punk wig out reminiscent of Franz Ferdinand. — Piet Levy, Milwaukee Journal Sentinel, "Vampire Weekend reach a new peak at astounding 'Father of the Bride' tour stop in Milwaukee," 9 June 2019 An arm can only generate so much force with a single contraction, but the elasticity of the web allows it to store the force from many contractions and release it all at once—that’s the power amplification. — Kenrick Vezina, National Geographic, "This spider accelerates faster than a rocket," 13 May 2019 That method — using a pan or cake tin — is easier, but produces a thicker noodle with a less delicate elasticity. — Tejal Rao, New York Times, "The Art of Banh Cuon, Vietnamese Rice Rolls," 20 June 2019These 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
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Kids Definition of elasticity
elasticity
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Medical Definition of elasticity
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