define elastic of the affect
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When a elastic body is stretched and applied deforming force is removed then the body is expected to return to its original configuration instantaneously. ... This temporary delay in achieving its original configuration is termed as elastic after effect.
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A product is considered to be elastic if the quantity demand of the product changes drastically when its price increases or decreases. Conversely, a product is considered to be inelastic if the quantity demand of the product changes very little when its price fluctuates.
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