The concept of price elasticity measures the amplitude of the variation of a variable when it varies another variable on which it depends.
The Law of Supply is the Economic Law that determines the quantity offered by the producers of a good in dependence of its price and other influential factors. The supply represents the quantities that the producers of a good are willing to offer to different alternative prices.
Adam Smith is termed as the father of modern economics. He was the man behind all the basic laws of Modern Economics. He laid the foundation of classic economics followed by the most sophisticated and realistic theories of economics and its effects on the World’s politics.
Lionel Robbins turned the tables by proposing a whole new perspective of economic. He was strongly against Marshall’s definition of human welfare and termed it as “impossible” in modern economic situations. Robbins was a highly esteemed faculty of the London School of Economics.
The scope of Economics has widened in the last century and is still being explored and modernized based on a mix of classical, neo-classical, and modern theories of accounts and social sciences. The nature of economics has taken an overturn since the inception of Marshall’s, Smith, and Robbin’s theories.