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(Ä­-lÄ-stÄ­s'Ä­-tÄ) The ability of a solid to return to its original shape or form after being subject to strain. Most solid materials display elasticity, up to a load point called the elastic limit; loads higher than this limit cause permanent deformation of the material. See also Hooke's law.
An object is said to be elastic if it restores its original size and shape. This property of an object is known as elasticity. In economics, elasticity refers to the sensitivity of one variable to changes in a different variable. How much more of a product consumers will purchase when the price of that product falls is a specific example of economic elasticity. 33 people found this useful.