what is elasticity and elastic? shortly
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Answer:
In business and economics, elasticity refers to the degree to which individuals, consumers, or producers change their demand or the amount supplied in response to price or income changes. It is predominantly used to assess the change in consumer demand as a result of a change in a good or service's price.
Adjective. elastic, resilient, springy, flexible, supple mean able to endure strain without being permanently injured. elastic implies the property of resisting deformation by stretching. an elastic waistband resilient implies the ability to recover shape quickly when the deforming force or pressure is removed.
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Elasticity
The quality that something has of being able to stretch and return to its original size and shape.
Elastic
Capable of returning to its original length, shape, etc., after being stretched, deformed, compressed, or expanded: