The first economist to give a clear formulation of price elasticity was ____.

Marshall

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Malthus

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Adam Smith

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J.B. Say

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Solution

The correct option is A Marshall
The concept of elasticity of demand is associated with the name of Alfred Marshall. Elasticity of demand refers to the responsiveness of demand to the change in price. Thus, Marshall used te concept of elasticity only with reference to price changes.

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The first economist to give a clear formulation of price elasticity was ____.

The correct option is A MarshallThe concept of elasticity of demand is associated with the name of Alfred Marshall. Elasticity of demand refers to the responsiveness of demand to the change in price. Thus, Marshall used te concept of elasticity only with reference to price changes.

The correct option is A Marshall
The concept of elasticity of demand is associated with the name of Alfred Marshall. Elasticity of demand refers to the responsiveness of demand to the change in price. Thus, Marshall used te concept of elasticity only with reference to price changes.