A level Business Revision - Price Elasticity of Demand

[@ThePrincessbyrne]

watching this an hour before my mock and I was so confused but now it seems so simple thankyou

[@nobody23.]

i literally learned this topic like last week and i just couldn't get my head around the topic and now thanks to you i understand this topic more. Thank You!.

[@maja.zaborowska_]

learning business for the first time as i am taking it for a level but this has helped me so much, such a complex topic now explained into such simplicity that i can actually understand what each bit means and links to, thanks for the help

[@louinho4225]

Anyone here a night before the exam tomorrow?

[@joshuasinning8819]

Indeed

[@ryangeorge3745]

@@joshuasinning8819 day after for me. How'd yours go?

[@joshuasinning8819]

@@ryangeorge3745 hmmm I would say i did good not amazing not bad but good

[@ryangeorge3745]

@@joshuasinning8819 hey, that's awesome! Even though it wasn't amazing at least your probably gonna pass!

[@joshuasinning8819]

@@ryangeorge3745 Thanks man. I wish you luck on yours

[@ameliaberry3847]

literally saved me for my actual exam tomorrow you are awesome

[@devsehgal7432]

Same here lmao - good luck for tomorrow

[@cblf6fc]

how did u find it?

[@angelbribelle4892]

this man is literally my life saver on God

[@tahaamir8869]

i had this topic in my As economics too and i watched so many videos about it but EVERYONE seemed to only confuse me and jumble up my concepts. I suddenly saw your video in the eco section too. I previously used to study business from you. YOU'RE SO GOOD THIS TIME YOU SAVED ME IN ECONOMICS TOO LOL thankyou man. you're genuinely a life saver. Thankyou!!!

[@marshamembee9020]

idk what I would do without you , you make business so easy and understandable

[@pallavijhunjhunwala3644]

You are seriously really good! I recently found out about your channel and have been binge-watching ever since! Will share with my class for sure :)

[@TakingTheBiz]

Thank you for the support. I hope the videos help!

[@aleka22k]

Im cooked.... but i can't lie this video saved me ever so slightly thank u very much my righteous sir.

[@gabrielperri9906]

I was introduced to you by a friend a couple of days ago and you have been absolutely helping me so much and I cant even explain how happy I am. Thank you so so so so so so much bro.

[@karen7856]

Such a clear explanation, thank you so much sir

[@juliar5997]

Thank you sooo much!!!! I spent ages trying to understand this topic and you explained it so well! Please keep making more amazing vids!

[@Luke-cy5qv]

This account is really helping me with revision, thank you!!

[@TakingTheBiz]

You're welcome - good luck in the exam

[@vvalfie]

Was searching for help on youtube and found a teacher at my old school!

[@Zaine223]

Thank you so much l just got my business mock exam I got a B

[@susanitaq85]

Great video! Thanks ...will be great if you post a video on how to calculate elasticity? Formulas and so...

[@zenalevay2541]

that evil laugh at the beginning XD

[@yh3036]

Hi , please could you kindly work through an exam question for the harder topics such as price and income elasticity. I think that would be very helpful , especially for topics like these

[@TakingTheBiz]

You might find the following video useful to help you answer exam questions specifically on PED. It is produced by tutor2u and is an excellent resource. Good luck in your exams. kzbin.info/www/bejne/bKKrYYFnfteWnMU

[@FactsForEveryDay]

amazing video really cleared things up thank you

[@iestynevans5165]

Absolute legend, cheers mate

[@SimArchitect11]

This has helped so much! I never quite understood this subject but I now do... thank you!

[@TakingTheBiz]

You're welcome. Thanks for taking the time to leave a comment - I hope this comes up in the exam!

[@ZainabFatima]

Do they ever ask us to calculate the PED in business A levels exams?

[@AR-ku7mf]

Yeah (well for my exam board they do)

[@starboivids1138]

Yes they doooo

[@thuvaragamekan3009]

Really good, thank u so much I didn't get this concept before now I'm really clear about it thx

[@Andrew-mw9is]

lmao exam in 12 hours here we are on our toes with takingthebiz the saviour

[@ss-yz6gt]

How do you calculate PED? Your videos are great btw

[@adnanilahi8234]

Great Video

[@cristenblue4945]

Oh gosh thank this video so so so much

[@ukij8908]

Bro you are the goat

[@jfernandes_25]

Sir is this true: For an inelastic good the business should increase the price as the demand will only fall by a small amount however for an elastic good the business should decrease the price as demand will increase by a large amount. Thanks you.

[@naomikubwayezu9826]

GREAT HELP! THANK YOU!

[@TakingTheBiz]

You're very welcome. So glad the video was useful.

[@angelamariadelrosario9563]

I have seen many videos about this topic only now with this video I have understood the concept. Thank you!!!!

[@TakingTheBiz]

Glad it was helpful! Good luck with your revision

[@VortexGaming007]

OMG you have helped so much!!!!

[@TakingTheBiz]

Thanks. I hope your exams go well!

[@thearmilands302]

If demand drop and price increase were equal (eg. both 5%) would the product be described as elastic as there's no profit/benefit for the business? Or inelastic because there's no change? Thank you

[@TheJamesroberthyde]

You are a legend

[@zahraquraishi3177]

do we have to calculate ped in Edexcel?

[@iqratanvir7345]

You are amazing !!

[@becowithsa]

Excellent.

[@alfie7333]

Am I correct in saying that for the AQA Business A level calculating PED and YED are not in the exams? Thank you for the video, really enabled myself to understand this tricky topic a lot more.

[@georgegilmore_]

Give him the Business D'or

[@zenalevay2541]

He has a really good mc voice

[@mattyylongg]

Great Video!!

[@TakingTheBiz]

Thank you - hope it helps - good luck in the exams

[@bellerobinson3105]

Say you increased the price by 5% and demand dropped by 5% as well, does that make it elastic or inelastic?

[@TakingTheBiz]

A very good question. The answer is neither. If you increase price by 5% and demand drops by the same percentage then this is known as UNITARY ELASTIC. This is when the percentage change in price is the same as the percentage change in demand. A product is unitary elastic if the PED is 1.

[@buggzy_head7557]

what happens if the % increase/decrease in price is equal to the increase/decrease in demand? is it elastic or inelastic

[@alexmirigliani2688]

I think if real example are presented it will help us significantly on understanding the knowledge👅

[@illford]

That emoji and by extension, your comment are a stain on this earth

[@junglebookgenius3207]

lovely

[@mrssmartbusinessstudiesa-l9054]

Can I ask...many text books state that a product is only price ELASTIC if the PED is greater than 1 but your video states it needs to be -1 something... are you by any chance able to clarify this? Many thanks, FANTASTIC resource!!!

[@TakingTheBiz]

When calculating PED, the answer will begin with a minus sign but the minus sign is not significant. Ignore the minus sign - if the PED begins with a zero then the product in question is inelastic and if it starts with 1 (or a higher number), then it is elastic. If you also have to calculate the Income Elasticity of Demand for the course you are studying, then the minus sign is significant. Hope this helps.

[@mrssmartbusinessstudiesa-l9054]

Thank you!!! We are cheering in our office that you replied! :) You are quite the celebrity over here!

[@TakingTheBiz]

I wish they cheered for me in my own office!

[@emanfatima9677]

Could you please make a video on publish accounts like all profibility ratios gearing ratios acid test ratio financial ratios and on swot as well as on paper pattern

[@carolinemoyo5611]

thank you so much can you please do a video explaining the difference between effectiveness and efficiency

[@momindoof]

Efficiency is the measure of productivity and can be achieved by achieving the maximal output given the inputs into the transformation process. Efficiency can be achieved when this ratio of output and input in terms of units, time or workers is maximum. Effectiveness on the other hand is when a business produces and supplies products, goods or services or components to other firms to meet customer demands and needs. A business adequately fulfilling its own objectives with thier level of production is achieving effectiveness. A business being productive but not achieving the company's corporate aims is not effective.

[@isaaccajo4763]

@@momindoof Close, Productivity is a measure of Efficiency in an employee, factory, machine, etc, not the other way around :)

[@jackcomer3334]

Ok so with price elastic demand how do you know this newly found product is elastic or inelastic if there is no data and a business wants to increase its price, what happens to the businesses it falls 25% and int term goes bust

[@jackcomer3334]

Falls in demand that is.

[@prouddadof2dogs828]

Legend

[@joshuajaved5165]

What’s the difference -0.6 and +0.6?

[@illford]

Determines the nature of a product

[@gentlegamer8384]

PLZ HELPE ME MARKET SEGMENTATION LET ME KNOW

[@Mubeen.Ahmadd]

king

[@gpronehalto3473]

2019 Squad where you at?

[@baqirqadri6752]

Here mate although its nearly 2020

[@uknown2402]

I’m here tooo 🙋🏾‍♀️ 2020

[@Noah-cl4ei]

goat

[@pauljohnson9032]

Watch in 1.25x speed.

[@aaronluggah2657]

Why are you bold 🤠

[@500subsandnovideos9]

PLEASE TEACH @ ADA OUR BUSINESS TEACHER IS AWFUL.

[@TakingTheBiz]

I hope these videos help you with your revision. Good luck with your exams.

[@BarevHayerin]

Guys is it dumb to choose A level business? How difficult is it

[@KrepplerSubscribeToKreppler]

It’s quite average for an a-level

[@tayabmahmood290]

Mate it’s not that difficult, I got a U in the first year literally didn’t revise until 5 months before a level exams and got a decent grade