Springing back; having a power or inherent property of returning to the form from which a substance is bent, drawn, pressed, or twisted; springy; having the power of rebounding; as, a bow is elastic; the air is elastic; India rubber is elastic
the proportional change in quantity is greater than the proportional change in price (E > 1)
able to adjust readily to different conditions; "an adaptable person"; "a flexible personality"; "an elastic clause in a contract"