Elasticity is the measure of responsiveness. It measures the change in one thing as it changes in response to something else. The formula provided describes it as elasticity equals the percentage change in “Z” over the percentage change in “Y.”
In physics, elasticity refers to the tendency for an object to return to its initial form after deformation/stress — in springs, this tendency is measured by a “spring constant” according to Hooke’s law. In other objects, stress-strain curves are drawn to eludicate the elasticity of an object. In economics, elasticity refers to the ratio of the change in one variable to that of another (both are usually in percents, but if they both are, then its the same as if neither are).
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