e ‧ las ‧ tic ‧ i ‧ ty /ˌiːlæˈstɪsəti, ˌiːlæˈstɪsɪti/ BrE AmE noun [uncountable]
1 . the ability of something to stretch and go back to its usual length or size:
the skin’s natural elasticity
2 . elasticity of demand technical the degree to which a change in the price of something leads to a change in the amount of it that is sold