Calculating the arc elasticity of demand

[@BrandonPetaccio]

You are the Bob Ross of price elasticity.

[@tonyfett97]

Studying for an exam currently - this really helped. Thank you

[@darksigns7717]

Same

[@dex5727]

Did U pass lol

[@MB-lw8bz]

@@dex5727 i guess we will never know lol

[@asphalter08]

yeah​@@MB-lw8bz

[@ashpill1932]

this video helped me so much for studying for my economics test! thanks a tonne.

[@nosibaabdallah4904]

Effortlessly amazing teacher

[@juniemanyathela9668]

i like the way this guy calculate

[@natalieshinobi3454]

i did not understood this..why u did not used the formula arc e=change in Q/1stQ + 2nd Q / change in P/1stP+2nd P

[@rectro6552]

perfectly explained thank you!

[@S.OLABI.]

he is probably dead now

[@lindsaywonka8954]

Hey Sir! You saved my life!!! ughhhh Gracias Amigo!!!

[@BrandonPetaccio]

_"If it's greater than 1, it's elastic."_ Ok, wait... Are you referring to whether the result is greater than a decimal value, or are you referring to whether the result is positive or negative? By one definition, your result is elastic, by the other, it is not. You just say _"Cool"_ without clarifying. Is it elastic or not? Is -1.1 considered "greater than 1" in this example, or not?

[@joie7592]

He's referring to the magnitude of the elasticity. |-1.1| = 1.1 1.1>1 Therefore, the elasticity is elastic. In contrast, if the elasticity is less than 1 it is inelastic and; if it is exactly 1, we call it unitary elasticity.

[@ruslanrustamov1632]

Ignore the negative sign

[@ratishmadival9377]

@@ruslanrustamov1632 .. yes bro..+. & - sign only tells the relationship between prive and quantity demand..👍

[@pockysupers]

thanks so much for this tutorial, it cleared up my confusion

[@TradingApplescom]

What if there are more than one price change? Do you use the difference between the greatest and least price?

[@ashithakrishnan6922]

Thank you sir

[@abdirizack9169]

sir thanks,but how did u get the 1.1

[@lindsaywonka8954]

Calculate it...

[@Reyman2125]

very clear and easty to understand

[@ian1697]

His voice KILLS me

[@conquer1482]

How did U get -1.1 ?

[@natata555]

Thank you! It helped a lot!:)

[@elissaverso7387]

Very cool thanks

[@mikeramo]

I have to ask this question because I am kind of confused by what the book says and your numbers Q2-Q1/(Q1+Q2/2) / P2-P1/(P1+P2/2) translates to 900-1000/(1000+900/2) / 11-10/(10+11/2) Seems like you denominator is reversed from what the book says. Why the differences? Adding is adding so the answer is the same but is there something I should know as to why you did your numbers that way?

[@MaFatimaEBelara]

Michael Ramos Same question here :)

[@mikeramo]

Yes

[@mikeramo]

I just want to know if the order matters

[@5uhina]

Order does matter. It is a personal choice if you want to take the (new -old) or (old-new). You just have to stay consistent. So you have two choices: Q2-Q1/(Q1+Q2/2) / P2-P1/(P1+P2/2) or Q1-Q2/(Q1+Q2/2) / P1-P2/(P1+P2/2). Hope this helps.

[@makhosazanethandeka4228]

thank u .....

[@trancemaniac91]

Thank you!

[@brianjava6034]

understood

[@edisonapine7499]

question please i need an urgent answer now . 'when is the arc method of calculating elasticity is used?'

[@hiral2969]

Edison Apine in case of demand curve being liner curvy

[@codykeboitsi]

Isn’t a negative and negative make positive

[@laurahaylock3592]

THIS WAS BAD

[@reyryanquipanes6079]

How did you get -1.1?