Definitions
from The American Heritage® Dictionary of the English Language, 5th Edition.
- noun The condition or property of being elastic; flexibility.
- noun The property of returning to an initial form or state following deformation.
- noun The degree to which this property is exhibited.
- noun A measure of how changes in price affect supply or demand for a given good, equal to the percentage of change in supply or demand divided by the percentage of the price change.
from The Century Dictionary.
- noun The property of being elastic, in any sense; especially, that physical force resident in the smallest sensible parts of bodies, by virtue of which the holding of them in a state of strain (change of size or shape) involves work, which for small strains is proportional to the square of the amount of the strain. There are different kinds of elasticity, corresponding to the different kinds of strain.
from the GNU version of the Collaborative International Dictionary of English.
- noun 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
- noun Power of resistance to, or recovery from, depression or overwork; -- usually referred to as
resilience [3]. - noun the quotient of a stress (of a given kind), by the strain (of a given kind) which it produces; -- called also
coefficient of resistance . - noun (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.
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun physics The property by virtue of which a material deformed under the load can regain its original dimensions when unloaded
- noun economics The sensitivity of changes in a quantity with respect to changes in another quantity.
- noun The quality of being
elastic . - noun
Adaptability .
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- noun the tendency of a body to return to its original shape after it has been stretched or compressed
Etymologies
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Examples
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Further, he points out that respondents were using demand signals, though the term elasticity might not have been used.
THE MORAL DIMENSION Amitai Etzioni 1988
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Further, he points out that respondents were using demand signals, though the term elasticity might not have been used.
THE MORAL DIMENSION Amitai Etzioni 1988
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The more common substitute and better measure of elasticity is the amount of gasoline actually used.
Inelastic Demand for Gasoline, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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The age-adjusted intergenerational wealth elasticity is 0.37.
What Explains Inequality?, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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Pretinieks writes: it might rather depend on relative, not absolute popularity. if your book generates more media buzz than your previous one, a lot of prospective buyers are "first-time users" and haven't heard of you before. where there's no "brand loyalty", price elasticity is higher. to test this, you'll need to write another book of roughly the same popularity.
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And if the charges are not billed on a continual basis, there are no price signals, and the price elasticity is much weaker, so the idea that you charge this with auto registration is absurd.
Matthew Yglesias » Doubts About a Vehicle-Miles Traveled Tax 2009
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The elasticity is surely affected by the velocity (pardon the pun) of gas price increases.
Inelastic Demand for Gasoline, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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This suggests price elasticity is inversely related to sales volume, for me.
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And with commodities, the short-term elasticity of demand is low, so typically, only a massive price shift can induce even a small change in demand.
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That said, it seems to me that there has been a sustained run-up in average fuel costs in the last 7-8 years, and I would be interested in knowing whether that had any impact on utilization or whether the long-term empirical elasticity is as poor as the (presumably) short-term 10%-1% ratio.
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