When a wire is bent back and forth, heat is generated due to the area of the elastic hysteresis and frictional force. Hence it becomes hot.
Rubber is used as vibration absorbers, because rubber has a relatively high shear modulus compared to other materials. That means when a rubber material is shear stressed, i.e. stressed parallel to its cross-section, rubber can be stressed more before it becomes permanently deformed.
The strain produced in rubber is much larger compared to that in steel. This means that steel has a larger value of Young's modulus of elasticity and hence, steel has more elasticity than rubber.
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