Elasticity refers to the responsiveness of quantity demanded or quantity supplied to a change in price. It measures how much a buyer or seller will change their behavior in response to a change in price. Economically, it helps determine how sensitive consumers and producers are to fluctuations in market conditions.
Elasticity
The ability to be stretched is referred to as elasticity. It describes the property of materials to return to their original shape and size after being stretched or deformed. Materials like rubber and certain types of metals exhibit high elasticity.
In science, elasticity is the tendency of a material to return to its original size and shape when it is released from being stretched or compressed. By this definition steel is more elastic than rubber.
Elasticity depends upon the material of an object but also on environmental things such as pressure, temperature and humidity. You can try this yourself by taking two identical elastic bands and putting one on a heater for a while. You will notice a difference in elasticity!
Robert Hooke is credited with first describing the concept of elasticity in 1678. He observed the behavior of springs and how they deformed and returned to their original shape. This led to the development of Hooke's Law, which describes the relationship between an object's deformation and the force applied to it.
That ability is known as elasticity.
Elasticity describes the ability of a solid to return to its original shape after being deformed or stretched.
Elasticity
The best time to check the hair's elasticity is when it is wet.
The ability to be stretched is referred to as elasticity. It describes the property of materials to return to their original shape and size after being stretched or deformed. Materials like rubber and certain types of metals exhibit high elasticity.
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Price elasticity of demand is the responsiveness of quantity demanded of a good to a change in its price.Basically it describes how consumers react to a price change.The price elasticity of demand is calculated byPED= %Quantity demanded : % Change of Priceor in words: the percentage change in the quantity demanded divided by the percentage change in price
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