Which method was introduced by Alfred Ma

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Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Theory of Consumer behaviour

Question:

Which method was introduced by Alfred Marshall to measure price elasticity of demand?

Options:

Total money method

Total Outlay Method

Sequential method

All of these

Correct Answer:

Total Outlay Method

Explanation:

Professor Alfred Marshall developed the total outlay method, also known as the overall cost method of calculating price demand elasticity.