Increasing forces exerted on a rubber band will result in an increasing rubber band length (the harder you pull the more the rubber band stretches).

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The previous figure is repeated.  A force vs. length graph is constructed from the figure.

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For each interval of length there is an average force.  When this average force is multiplied by the distance through which it acts we get the work required to exert the force through that distance.

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The figure below is identical to the figure above, except that the figure at lower right now represents the total work done, starting at the first rubber band length shown, through the end of each interval. 

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Since the stretched rubber band has the ability to do work, we say that it stores potential energy. 

The potential energy at each position is represented by the total area up through that position.

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The figure below shows how kinetic and potential energy are exchanged as the rubber band, now attached to a mass, snaps back

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Note that everything said here is for an 'ideal' rubber band.  In the real world rubber bands change temperature as they are stretched and as they snap back.  This temperature change involves energy and somewhat changes the energy relationships as give here.