Elasticity

Elasticity has meanings in two different fields:

In economics, elasticity is the proportional change in one variable relative to the proportion change in another variable. The concept of elasticity can be used whenever there is a cause and effect relationship. The causal variable is often called the independent variable, while the effected variable is called the dependent variable.

• see elasticity (economics) for a general description
• for specific types of elasticity used in economics, see:
  • price elasticity of demand
  • price elasticity of supply
  • income elasticity of demand
  • cross elasticity of demand
  • arc elasticity
  • elasticity of import substitution
  • output elasticity

In physics and mechanical engineering, elasticity is a theory that describes how a solid object moves and deforms in response to external stress. An alternative meaning of elasticity is a property of an object: it undergoes elastic deformation in response to stress.

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