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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.
Definition of elasticity. Elasticity has been described as the degree of responsiveness of the quantity demanded relative to the factors that influence the quantity demanded. It is a ratio of relative change in quantity demanded and the relativesâ changes in factors that affects demand.The different types of elasticity of demand get their names from the factors that influence demand.his type of elasticity is used as a measure of relative changes in quantity demand due to relative changes in commodity prices when all the other factors are held constant. The other types of elasticity of demand are income elasticity of demand and cross price elasticity of demand.