Cross Price Elasticity of Demand and its Determinants

[@SmartByt]

Am really glad for your lectures,i have grasped alot of economic contents through your teaching .May God bless you Jason

[@Queenny.j]

thank you for sharing these videos, you've been very helpful since I'm facing my mid term tomorrow, but i have a question here, why didn't you use the mid point formula instead of the % formula? my lecturer said that the mid point works best, is it true? thanks in advance :)

[@ghiasuddintajwhal]

very well explained, thank you Jason Welker.

[@nicolemcgillis1393]

Mr Welker, can you please explain why my economics teacher is telling me that for Cross Elasticity and Income Elasticity formulas you calculate the change in demand as Q1-Q2 instead of Q2-Q1 as is shown in this and other videos, and in the PED and PES formula? Also, thank you for your videos, they are very helpful.

[@brent2004]

He is saying that because ,,,, hmmm idk.

[@brendanownsu]

no electro house music for your intro jason? im very surprised.. but only because i know how much you love it

[@aymen577]

the name of the song at the beginning please.

[@santoshtirupati8978]

Can you please explain cross elasticity of demand between New and Old car

[@WildDig]

What about when you have an equation say Qd = 270 - 4P +Pb.... Where Qd is the demand for Good X and P is the Price of good X and the Pb is the price of another good, good B... if we know Pb is 10 and the QD is 240 (The question tells us this) then how can you work out the cross price elasticity of demand? The answer is given as XPD = 10/240 which is positive so they are substitute goods but I don't understand how this follows the formula of %Demand of X/ %Price of B

[@aleaxabad4072]

why is there a gun load sound at 1:28?

[@Smidday1]

In my class test our problem was 100 dropping to 70 so a 30% decrease, but if I do 70-100/100 I get -0.3. Where am I going wrong here?

[@JasonWelker]

0.3, when expressed as a percentage, is 30%. 0.3 is 30% of 1. 30 is 30% of 100.

[@Smidday1]

Jason Welker thanks, I think in our class example the denominator was supposed to be 10 not 100 but thanks for explaining that

[@Smidday1]

@@JasonWelker I'm looking at another question, I'm unsure of, so (Q2-Q1)/[Q2+Q1)/2] (P2-P1)/[P2+P1/2] So Quantity dropped from 100 to 80 after a price rises from 10 to 11, I keep getting -2.32, but does this mean that it is elastic? Even though there is a negative?

[@islamfathi2184]

if the price increase 20%what will happen for the consumption (income elasticity) please answer me by example

[@juliaserafim1457]

Awesome explanation you have helped me soooooo much

[@SimplifyFinancewithManono]

how come you calculating with "100" now but on the scale you wrote "1000"

[@julesdean811]

good song at at start

[@jmaimani]

I think you have made a mistake in your calculation. it should be 700 minus 1000 divided by 1000

[@saifkhashoggi3481]

song?

[@dontreadmyprofilepicture9605]

Brad Sucks - Making me nervous

[@talatabsh2768]

I'm telling ur parents to take ur phone away