Elasticity

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, the theory of elasticitydescribes 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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