| elasticity |
ability of tissue to return to its original shape after extension or contraction
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| elastic |
Capable of recovering size and shape after deformation, as in an elastic rubber band.
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| elastic tissue |
Body tissue that is strong, flexible and can be stretched, but will return to its original shape after stretching. For example, tissue found in the lungs, walls of blood vessels and the skin.
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| elastic |
Having an elasticity greater than one. For a price elasticity of demand, this means that expenditure rises as price falls. For an income elasticity it means that expenditure share rises with income, a superior good. Contrasts with inelastic and unit elastic. Elastic demand for either exports or imports is sufficient to satisfy the Marshall-Lerner condition.
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| elasticity |
A measure of responsiveness of one economic variable to another -- usually the responsiveness of quantity to price along a supply or demand curve -- comparing percentage changes (%D) or changes in logarithms (d ln). The arc elasticity of x with respect to y is e = %Dx/%Dy. The point elasticity is e = d lnx/d lny = (y/x)(dx/dy).
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