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English definition of “elasticity”

elasticity

noun [U]     /ˌɪlæsˈtɪsəti/
ECONOMICS the ability of something, such as the number of products sold, to change in relation to something else, such as the product's price: This chart shows the relationship between the elasticity and the optimal monopoly price for Windows.
(Definition of elasticity noun from the Cambridge Business English Dictionary © Cambridge University Press)
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