elasticity
/iˈlæstɪsəti/The ability of a material to return to its original shape after being stretched or deformed.
Engineers test the elasticity of materials to ensure they can withstand stress.
Engineers evaluate how well materials can return to their original shape after being stressed.
In engineering, elasticity is a key property of materials like rubber and metals.
In economics, the degree to which demand or supply responds to changes in price or other factors.
The price elasticity of demand measures how much consumer demand changes with price fluctuations.
It quantifies how sensitive consumer demand is to price changes.
Elasticity in economics is often expressed as a percentage or ratio.
The tendency of a substance to deform under stress and return to its original form.
The elasticity of a spring is described by Hooke's Law.
Hooke's Law explains how springs stretch and return to their original length.
In physics, elasticity is often quantified using Young's modulus.
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💡Pro Tip
Context Matters
Elasticity has different meanings in engineering and economics. Pay attention to the context to avoid confusion.
⚡Gold Rule
Technical vs. Economic Use
In engineering, elasticity refers to physical properties, while in economics, it describes responsiveness to changes.
📖Word Origin
From Latin 'elasticus', from Greek 'elastikos', meaning 'able to resume former shape'.
📝Usage Notes
Elasticity is used in both literal (materials) and figurative (economics) contexts. In engineering, it refers to physical properties, while in economics, it describes responsiveness to changes.