1. In Economics, this is the measure of responsiveness to an increase or decrease in its price or capability of a good or service to demand and supply of a good or service. 2. In Engineering, it is the ability to recover to original dimensions, to original shape, following a situation of applied pressure and stress o a material. See also Hooke’s law. 3. In Statistics, it is the amount of response or change one variable has in relationship to another. To what degree does a dependent variable, such as spending, change when an independent, but associated variable, such as income, changes.
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