1. economics a measure of the percentage change in one variable brought about by a 1 percent change in some other variable —note the concept of elasticity is often used to describe how the quantity of a good demanded responds to a change in its price, e.g., an elasticity of -2 means that a 1 percent increase in price causes a 2 percent decline in the quantity demanded; the price elasticity of supply is defined in an analogous way 2. utilization the capacity of bodies to return to their original shape, dimensions, or position on the removal of a deforming force —see modulus of elasticity, resilienceThis definition last updated 07/30/2008