Elastic potential energy is the energy stored in an object when it is stretched or compressed. This type of energy is commonly found in materials like rubber bands, springs, and other elastic objects. When you stretch a rubber band, for example, you do work on it, and it stores energy that can be released when the band returns to its original shape. The amount of elastic potential energy depends on how much the object is deformed. The more you stretch or compress it, the more energy is stored. This energy can be calculated using the formula E = \frac12 k x^2, where E is the elastic potential energy, k is the spring constant, and x is the distance stretched or compressed.