Calculating Elasticity of Demand [GIVEN A CHANGE IN PRICE] | Think Econ

[@ThinkEcon]

Don't forget to like the video, and subscribe to the channel for more economic videos! :)

[@thoshankaamarasinghe9179]

Thank you so much for all the videos. I learned all about Elasticity of demand, Price elasticity, income elasticity all of them thanks to you as I am sitting for my A levels this November. I am so grateful to you (Think Econ) for the invaluable services you provide to students like us which I can't put into words. I would like to request a video on Subsidy and tax distribution as I could not find any videos related to these. Also Arc elasticity and Point elasticity if possible :) Thank you so so much once again and blessings!!

[@ThinkEcon]

I appreciate the kind words, and am so happy that you find the videos helpful. We can absolutely make some videos on these topics!

[@thoshankaamarasinghe9179]

@@ThinkEcon Thank you so much ❤ I would also like to request video lessons for progressive, regressive and proportional tax if it's not too much to ask for 💖😇

[@mannychong100]

Thank you for your service brother

[@ThinkEcon]

Glad I could help!

[@degefuademe2359]

Please I need simple calculus in economics

[@mbeetrades]

great explanation.

[@ThinkEcon]

Thank you!

[@shettlock]

Hey there! I enjoy your videos. That being said are you aware of any other channels that cover more advanced topics

[@ArdillaINC]

Wait so for this we already have to know the second quantity? What if we know the price changes but we are trying to figure out what that will mean for quantity?

[@chair7713]

You have to be given the demand equation

[@chandamandona1940]

Thankyou so much

[@ThinkEcon]

You’re very welcome!

[@ssakaadrian3479]

is it possible to calculate price elasticty of demand without change in price?

[@ThinkEcon]

Short answer: no. Elasticity of demand measures one's responsiveness in their demand to a price change. If the price doesn't change, then there cannot be an elasticity.

[@turfshaikh]

Thanks sir

[@ThinkEcon]

You’re very welcome!

[@denveroutschoorn6042]

thank you

[@irenegutierrez5001]

where ddi the 5 come from?

[@phormulla]

Demand formula

[@maxinemontenegro7357]

what does 5p means?

[@ThinkEcon]

It means 5 times the price. It's part of the linear equation that represents the demand curve on a graph. Hope this helps!

[@JonRavenMagtibay]

What happen to the negative in 0.33/1?

[@olayinkabalogun243]

What is the fourmal

[@east5768]

What if its 1=1 ? is it inelastic still?

[@ThinkEcon]

Great question! An elasticity of exactly 1 is something known as “unitary elasticity” and is neither elastic nor inelastic

[@mohammadsalihu3149]

Thank you

[@ThinkEcon]

You're welcome!

[@mohammedrashid2906]

Thank

[@poppaslop8402]

So what do I do if I'm only given one value for p

[@poppaslop8402]

Nvm I realized mine econ is calculus based

[@eyasuwendim-fo5mh]

very good

[@ThinkEcon]

Thanks!

[@kubraaziz9275]

If we have P=120 then how to find price elasticity demand

[@ThinkEcon]

Same steps as what's in the video, my friend!

[@maxinemontenegro7357]

what does" P= " means?

[@user-tx9kw3ru6t]

Where did the 5p come from

[@kevinrojas3139]

Hu?

[@JELSONMAUKI]

Me I get elastic demand is 3/5. Why why why 😮😮😮😮😮😮😮😮😮😮😮😮😮😮😮. Hey GUYS MY ANSWER IS 3/5

[@JELSONMAUKI]

Me I get elastic demand is 3/5. Why why why 😮😮😮😮😮😮😮😮😮😮😮😮😮😮😮. Hey GUYS MY ANSWER IS 3/5

[@moin9432]

Cz you have used the mid point method

[@JELSONMAUKI]

Me I get elastic demand is 3/5. Why why why 😮😮😮😮😮😮😮😮😮😮😮😮😮😮😮. Hey GUYS MY ANSWER IS 3/5

[@JELSONMAUKI]

Me I get elastic demand is 3/5. Why why why 😮😮😮😮😮😮😮😮😮😮😮😮😮😮😮. Hey GUYS MY ANSWER IS 3/5