who gave the concept of elasticity of demand
Price elasticity of demand Together with the concept of an economic "elasticity" coefficient, Alfred Marshall is credited with defining PED ("elasticity of demand") in his book Principles of Economics, published in 1890.[20] He described it thus: "And we may say generally:â€” the elasticity (or responsiveness) of demand in a market is great or small according as the amount demanded increases much or little for a given fall in price, and diminishes much or little for a given rise in price".[21] He reasons this since "the only universal law as to a person's desire for a commodity is that it diminishes... but this diminution may be slow or rapid. If it is slow... a small fall in price will cause a comparatively large increase in his purchases. But if it is rapid, a small fall in price will cause only a very small increase in his purchases. In the former case... the elasticity of his wants, we may say, is great. In the latter case... the elasticity of his demand is small."[22] Mathematically, the Marshallian PED was based on a point-price definition, using differential calculus to calculate elasticities.[23]
Elastic energy Solids include complex crystalline materials with sometimes complicated behavior. By contrast, the behavior of compressible fluids, and especially gases, demonstrates the essence of elastic energy with negligible complication. The simple thermodynamic formula:   d U = − P d V   ,  {\displaystyle dU=-P\,dV\ ,}  where dU is an infinitesimal change in recoverable internal energy U, P is the uniform pressure (a force per unit area) applied to the material sample of interest, and dV is the infinitesimal change in volume that corresponds to the change in internal energy. The minus sign appears because dV is negative under compression by a positive applied pressure which also increases the internal energy. Upon reversal, the work that is done by a system is the negative of the change in its internal energy corresponding to the positive dV of an increasing volume. In other words, the system loses stored internal energy when doing work on its surroundings. Pressure is stress and volumetric change corresponds to changing the relative spacing of points within the material. The stress-strain-internal energy relationship of the foregoing formula is repeated in formulations for elastic energy of solid materials with complicated crystalline structure.