elastic

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Elasticity of Demand

The relative stability of a security's or product's price in the face of increased or decreased demand. Elastic securities or products have prices that move as independently as possible from changes in demand. In securities, elasticity is strongly influenced by the number of shares outstanding; if a company has many shares outstanding, a large order to buy or sell them is less likely to affect the price as strongly as a similar order for a company with comparatively few shares outstanding. In other products, elasticity largely comes from whether a given product is considered a necessity or a luxury. A "necessary" product is likely to be more elastic. See also: Income Elasticity of Demand.

elastic

Of or relating to the demand for a good or service when the quantity purchased varies significantly in response to price changes in the good or service. For example, the demand for a product with many close substitutes is elastic because a small price rise will cause consumers to switch to competing brands. Compare inelastic.

elastic

adj. relatively responsive to change.

See PRICE-ELASTICITY OF DEMAND, PRICE-ELASTICITY OF SUPPLY, INCOME-ELASTICITY OF DEMAND, CROSS-ELASTICITY OF DEMAND.

References in periodicals archive ?
E]([theta]) is the thickness variation caused by the elastic deformation of the journals and bearing shell, [h.
t], and its corresponding displacement, [zeta], obviously pertain to interface compliance within the elastic deformation domain, since the system returns to its initial state ([zeta approximately equal to] 0) upon cessation of the tangential force.
Obviously, either the elastic modulus or the viscosity-like modulus, or both, of the latex particles remained nearly as high and resisted further elastic deformation or prevented appreciable creep.
In the present theoretical development, the orbiting thrust plate with elastic deformation is represented by a rigid, fixed thrust plate with an equivalent geometrical wedge at its periphery.
5 lb, and failure typically involved "pull-through" of the buttons through elastic deformation rather than mechanical tearing or collapse.
r], accounts for elastic deformation of both the indenter and the sample and is given by
1), r(c,t) is the position of the particle c in the moment t, [mu](c) is the density of the body mass and [gamma](c) is viscous friction factor in c, f(r,t) represents the external forces which are applied on the deformable object, [epsilon](r) is a function that controls the instantaneus potencial energy of the body elastic deformation.
Brittle fracture with pure elastic deformation occurs at low temperature or high impact velocity.
Mechanical behavior of materials is then discussed in depth, covering elastic deformation, viscoelasticity and time-dependent behavior, multiaxial loading and complex stress states, yielding and failure theories, and fracture mechanics.