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In this paper we present Kingfisher, a cost-aware system that provides efficient support for elasticity in the cloud by (i) leveraging multiple mechanisms to reduce the time to transition to new configurations, and (ii) optimizing the selection of a virtual server configuration that minimizes the cost. We have implemented a prototype of Kingfisher and have evaluated its efficacy on a laboratory cloud platform. Our experiments with varying application workloads demonstrate that Kingfisher is able to (i) decrease the cost of virtual server resources by as much as 24% compared to the current cost-unaware approach, (ii) reduce by an order of magnitude the time to transition to a new configuration through multiple elasticity mechanisms in the cloud, and (iii), illustrate the opportunity for design alternatives which trade-off the cost of server resources with the time required to scale the application.