Elasticity

Elasticity has meanings in two different fields:

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In physics and mechanical engineering, the theory of elasticity describes 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 (as opposed to plastic) deformation in response to stress.

Related Topics:
Physics - Mechanical engineering - Theory of elasticity - Moves - Deforms - Stress - Elastic - Plastic

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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 affected variable is called the dependent variable.

Related Topics:
Economics - Variable

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• 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
• beta coefficient of assets returns

Note: in economics, an inelastic relationship implies that the relationship is still proportional, but with a low constant of proportionality (e.g., price inelasticity). However, in physics, inelastic material (or inelastic collisions) do not obey the theory of elasticity: there is no constant of proportionality. In physics, a material with a high elastic modulus is still technically called elastic.

Related Topics:
Inelastic - Elastic modulus

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