what is meant by elasticity of a substance
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Elasticity, ability of a deformed material body to return to its original shape and size when the forces causing the deformation are removed. A body with this ability is said to behave (or respond) elastically.
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The elasticity of demand is commonly referred to as price elasticity of demand because the price of a good or service is the most common economic factor used to measure it. For example, a change in the price of a luxury car can cause a change in the quantity demanded.
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