what is known as elasticity
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Elasticity, in economics, a measure of the responsiveness of one economic variable to another. ... Elasticity is a very important concept in economics. Several types of elasticities that are frequently used to describe well-known economic variables have acquired their own special names over time.
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In physics and materials science, elasticity (from Greek ἐλαστός "ductible") is the ability of a body to resist a distorting influence and to return to its original size and shape when that influence or force is removed.
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