Q. Who put forward the ‘ Elasticity of Demand ‘ theory ?
Solution:
J.B Clark – Marginal Productivity Theory
David Ricardo – Theory of Distribution
Alfred Marshall – Elasticity of Demand
Laissez Faire Theory – Adam Smith
Alfred Marshall introduced the concept of elasticity in 1890 to measure the magnitude of percentage change in the quantity demanded of a commodity to a certain percentage change in its price or the income of the buyer or in the prices of related goods .In this section we look at the sensitivity of demand for a product to a change inthe product’s own price.Since Price Elasticity of Demand is predominantly used in economic analysis it is alternatively referred to as Elasticity of Demand.
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