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Longman Dictionary of Contemporary English
elasticity
noun
COLLOCATIONS FROM CORPUS
■ NOUN
income
▪ The effect is similar to a change in income and depends upon the income elasticity of demand.
▪ In either case, public spending should increase by the income elasticity of demand.
price
▪ The relationship between quantity demanded of a commodity and its price is normally measured by the price elasticity of demand.
▪ There is not a lot of price elasticity in the market.
▪ Will operator charges by Railtrack be reflected in higher fares and possible loss of patronage resulting from cross price elasticity?
▪ It is also possible that the shares chosen for inclusion in the arbitrage portfolio are those which have a high price elasticity.
▪ As in other cases, the deadweight welfare loss depends on the price elasticity of demand.
▪ Now the impact on spending depends on the price elasticity of demand.
▪ If the cross-#price elasticity is zero, no demand relationship exists between the two goods.
EXAMPLES FROM CORPUS
▪ Analogues of these elastic relations apply for viscoelastic materials as for the case of isotropic elasticity considered before.
▪ But since economies do not have fingers or feet, what can economic elasticity mean?
▪ However within sample it is important to examine the implied elasticity to see whether the estimated coefficients give rise to plausible effects.
▪ Producers must ask themselves about elasticity whenever they consider changing the prices of their goods.
▪ The curve has slope which may be re-arranged substitution: using the definition of the elasticity of substitution:.
▪ The inclusion of Silk Protein helps maintain the natural water balance to protect, condition and restore the elasticity of hair.
▪ The relationship between quantity demanded of a commodity and its price is normally measured by the price elasticity of demand.
▪ With age, the skin's inner layer loses its elasticity.
The Collaborative International Dictionary
Elasticity

Elasticity \E`las*tic"i*ty\ ([=e]`l[a^]s*t[i^]s"[i^]*t[y^]), n.

  1. The quality of being elastic; the inherent property in bodies by which they recover their former figure or dimensions, after the removal of external pressure or altering force; springiness; resilience; tendency to rebound; as, the elasticity of caoutchouc; the elasticity of the air.

  2. Power of resistance to, or recovery from, depression or overwork; -- usually referred to as resilience[3].

    Coefficient of elasticity, the quotient of a stress (of a given kind), by the strain (of a given kind) which it produces; -- called also coefficient of resistance.

    Surface of elasticity (Geom.), the pedal surface of an ellipsoid (see Pedal); a surface used in explaining the phenomena of double refraction and their relation to the elastic force of the luminous ether in crystalline media.

Douglas Harper's Etymology Dictionary
elasticity

1660s, from French élasticité, or else from elastic + -ity.

Wiktionary
elasticity

n. 1 (context physics English) The property by virtue of which a material deformed under the load can regain its original dimensions when unloaded 2 (context economics English) The sensitivity of changes in a quantity with respect to changes in another quantity. 3 The quality of being elastic. 4 adaptability.

WordNet
elasticity

n. the tendency of a body to return to its original shape after it has been stretched or compressed; "the waistband had lost its snap" [syn: snap] [ant: inelasticity]

Wikipedia
Elasticity

Elasticity may refer to:

  • Elasticity (physics), continuum mechanics of bodies that deform reversibly under stress

Numerous uses are derived from this physical sense of the term, which is inherently mathematical, such as used in Engineering, Chemistry, Construction and variously in Economics:

  • Elasticity (data store), the flexibility of the data model and the clustering
  • Elasticity (economics), a general term for a ratio of change. For more specific economic forms of elasticity, see:
    • Beta (finance)
    • Cross elasticity of demand
    • Elasticity of substitution
    • Frisch elasticity of labor supply
    • Income elasticity of demand
    • Output elasticity
    • Price elasticity of demand
    • Price elasticity of supply
    • Yield elasticity of bond value
  • Elasticity of a function, a mathematical definition of point elasticity
    • Arc elasticity
  • Elasticity coefficient, a biochemical term used in metabolic control analysis
  • Elasticity (cloud computing), a defining feature of cloud computing
Elasticity (data store)

The elasticity of a data store relates to the flexibility of its data model and clustering capabilities. The greater the number of data model changes that can be tolerated, and the more easily the clustering can be managed, the more elastic the data store is considered to be.

Elasticity (cloud computing)

In cloud computing, elasticity is defined as "the degree to which a system is able to adapt to workload changes by provisioning and de-provisioning resources in an autonomic manner, such that at each point in time the available resources match the current demand as closely as possible". Elasticity is a defining characteristic that differentiates cloud computing from previously proposed computing paradigms, such as grid computing. The dynamic adaptation of capacity, e.g., by altering the use of computing resources, to meet a varying workload is called "elastic computing".

Elasticity (economics)

In economics, elasticity is the measurement of how responsive an economic variable is to a change in another. It gives answers to questions such as:

  • "If I lower the price of a product, how much more will sell?"
  • "If I raise the price of one good, how will that affect sales of this other good?"
  • "If the market price of a product goes down, how much will that affect the amount that firms will be willing to supply to the market?"

An elastic variable (with elasticity value greater than 1) is one which responds more than proportionally to changes in other variables. In contrast, an inelastic variable (with elasticity value less than 1) is one which changes less than proportionally in response to changes in other variables. A variable can have different values of its elasticity at different starting points: for example, the quantity of a good supplied by producers might be elastic at low prices but inelastic at higher prices, so that a rise from an initially low price might bring on a more-than-proportionate increase in quantity supplied while a rise from an initially high price might bring on a less-than-proportionate rise in quantity supplied.

Elasticity can be quantified as the ratio of the percentage change in one variable to the percentage change in another variable, when the latter variable has a causal influence on the former. A more precise definition is given in terms of differential calculus. It is a tool for measuring the responsiveness of one variable to changes in another, causative variable. Elasticity has the advantage of being a unitless ratio, independent of the type of quantities being varied. Frequently used elasticities include price elasticity of demand, price elasticity of supply, income elasticity of demand, elasticity of substitution between factors of production and elasticity of intertemporal substitution.

Elasticity is one of the most important concepts in neoclassical economic theory. It is useful in understanding the incidence of indirect taxation, marginal concepts as they relate to the theory of the firm, and distribution of wealth and different types of goods as they relate to the theory of consumer choice. Elasticity is also crucially important in any discussion of welfare distribution, in particular consumer surplus, producer surplus, or government surplus.

In empirical work an elasticity is the estimated coefficient in a linear regression equation where both the dependent variable and the independent variable are in natural logs. Elasticity is a popular tool among empiricists because it is independent of units and thus simplifies data analysis.

A major study of the price elasticity of supply and the price elasticity of demand for US products was undertaken by Hendrik S. Houthakker and Lester D. Taylor.

Elasticity (physics)

In physics, elasticity (from Greek ἐλαστός "ductible") is the ability of a body to resist a distorting influence or stress and to return to its original size and shape when the stress is removed. Solid objects will deform when forces are applied on them. If the material is elastic, the object will return to its initial shape and size when these forces are removed.

The physical reasons for elastic behavior can be quite different for different materials. In metals, the atomic lattice changes size and shape when forces are applied (energy is added to the system). When forces are removed, the lattice goes back to the original lower energy state. For rubbers and other polymers, elasticity is caused by the stretching of polymer chains when forces are applied.

Perfect elasticity is an approximation of the real world, and few materials remain purely elastic even after very small deformations. In engineering, the amount of elasticity of a material is determined by two types of material parameter. The first type of material parameter is called a modulus, which measures the amount of force per unit area (stress) needed to achieve a given amount of deformation. The units of modulus are pascals (Pa) or pounds of force per square inch (psi, also lbf/in). A higher modulus typically indicates that the material is harder to deform. The second type of parameter measures the elastic limit. The limit can be a stress beyond which the material no longer behaves elastic and deformation of the material will take place. If the stress is released, the material will elastically return to a permanent deformed shape instead of the original shape.

When describing the relative elasticities of two materials, both the modulus and the elastic limit have to be considered. Rubbers typically have a low modulus and tend to stretch a lot (that is, they have a high elastic limit) and so appear more elastic than metals (high modulus and low elastic limit) in everyday experience. Of two rubber materials with the same elastic limit, the one with a lower modulus will appear to be more elastic.

Usage examples of "elasticity".

The bather then returns through the various apartments, and, upon emerging from that of the lowest temperature, he experiences a delightful sensation of vigor and elasticity.

Thus did she every day plunge me in despair, and yet she complained that my wit was no longer brilliant in society, that I had lost that elasticity of spirits which had pleased her so much after my arrival from Constantinople.

This also occurs in the elastin fibers, generating a lack of elasticity in the skin.

The adequate nutrition of the organic tissues demands a plentiful supply of pure blood, or the digestive apparatus will become impaired, the mental processes deranged, and the entire bony and muscular systems will lose their strength and elasticity, and be incapacitated for labor.

It was a warm April day, but sunless: for the Libeccio had veiled the blue heavens with clouds which seemed to press down the atmosphere, that unmoved by any breeze appeared even by its weight to encumber the flowers, and to destroy all elasticity either in vegetable or animal life.

When they were still deliberating whether to put the Joint Venture Warrior on the ice, I was working a sixmonth stint at the American cold-water laboratory on Pylot Island, conducting experiments to measure the elasticity of sea ice.

My hand delightedly roved over the fat plump cheeks of her arse, stroking, caressing and pinching them, revelling in the firmness and elasticity of her flesh under its thin covering, Alice all the time, wriggling and squirming in horrible shame, imploring me almost incoherently to desist and finally getting so semi-hysterical, that I was compelled to suspend my exquisite game.

These faculties impart tone to the system, sustain the processes of nutrition, circulation, assimilation, secretion and excretion, and their distinguishing characteristics are vigor, tension, and elasticity.

In using a range of metals and polymers, the coefficient of inharmonicity is proportional to the modulus of elasticity divided by the square of the density.

Owing to the yielding of joints when a beam is first loaded a smaller modulus of elasticity should be taken than for a solid bar.

The intercellular material, in addition to connecting the cells, supplies to certain tissues important properties, such as the elasticity of cartilage and the stiffness of the bones.

But in a moment of fatigue, or because he had to work inhumanly long hours of work, which exhausted all his nervous elasticity, or for other reasons, the switchman forgets to set the switch and causes a railroad accident, in which people are killed and wounded.

I should say those torsades or undulations, and those spirals running from the base almost to the very tip add strength or possibly elasticity to the whole improbable structure.

There was no spring in Condy that morning, no elasticity, none of his natural buoyancy.

It slowly resumed the normal position by the elasticity of the intervertebral fibrocartilage, and there was complete recovery in ten days.