In this paper, we propose reliable metrics for quantifying the timing aspects and accuracy of elasticity. Based on these metrics, we propose a novel approach for benchmarking the elasticity of Infrastructure-as-a-Service (IaaS) cloud platforms independent of the performance exhibited by the provisioned underlying resources. We show that the proposed metrics provide consistent ranking of elastic platforms on an ordinal scale. Finally, we present an extensive case study of real-world complexity demonstrating that the proposed approach is applicable in realistic scenarios and can cope with different levels of resource efficiency.