Elasticity (physics)

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Economic elasticity is at elasticity (economics)

Something that is elastic can be stretched or deformed (changed) and returned to its original form, like a rubber band. It tries to come back to its first shape. The stress is the force applied; the strain is how much the shape is changed, and the elastic modulus is the ratio between those numbers.

This idea was first suggested[1] by Robert Hooke in 1675.

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