(adsbygoogle = window.adsbygoogle || []).push({}); Is this interpretation on "Hubble's Law/Constant" right ?

I referred to this page

http://en.wikipedia.org/wiki/Hubble's_law

The hubbles constant 'H_{0}' is anywhere between 72 to 78 kms per second per megaparsec.

My doubts :-

1) Let us consider a rod (made of streatchable light weight material) of length amounting to one megaparsec be placed in empty space. Neglecting the effects of gravity, If the recessional velocity is contributed by the very expansion of space time, Should the end points recede away by 75 kms per second? (and hence make the rod grow 75 kms every second?)

2) If the rod is elastic, will the space expansion stretch the rod ?. (can that stress be harnessed ?)

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# Is this interpretation on Hubble's Law/Constant right ?

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