Definition of elasticity noun from the Oxford Advanced American Dictionary

     

    elasticity

     noun
    noun
    NAmE//ɪˌlæˈstɪsət̮i//
     
    , NAmE//ˌilæˈstɪsət̮i//
     
    [uncountable]
     
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  1. 1the quality that something has of being able to stretch and return to its original size and shape (= of being elastic ) As you get older, the skin loses its natural elasticity.
  2. 2elasticity of supply/demand (economics) the degree to which the supply of or demand for a product or service changes when the price changes
See the Oxford Advanced Learner's Dictionary entry: elasticity