It is an ability of an object or material through which it can come back to its normal shape after going through stretches, compression.

Types
  • Perfectly Elastic Demand (EP = ∞) ...
  • Perfectly Inelastic Demand (EP = 0) ...
  • Relatively Elastic Demand (EP> 1) ...
  • Relatively Inelastic Demand (Ep< 1 ) ...
  • Unitary Elastic Demand ( Ep = 1)

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