Elasticity - How to Calculate it the Easy Way - Principles of Economics

There's an easy way to think about calculating elasticity.

[@muhammadluqman8590]

Finally, found a great economics teacher, and I guess now I will definitely cover all major and critical concepts if the recording lectures continue.

[@DrAzevedoEcon]

Thanks! Glad to help!

[@kickinwing131]

For those of you who are struggling with Economics, I absolutely recommend that you watch Dr. Azevedo's videos. He is a FANTASTIC economic's professor and you WILL be better off by watching them!

[@DrAzevedoEcon]

Thanks Mason! I hope all is going well in grad school!

[@NicaKasende]

Yes, very true!!!

[@murmland]

For a whole week I didn’t know how to do this and even getting one question right means the world to me, thank you so much

[@DrAzevedoEcon]

Happy to help!

[@dailynewsbreakers]

Great lecture, thank you sir.

[@tahirfarooq7033]

Great lesson, well done Dr. Azevedo, thanks.

[@DrAzevedoEcon]

You're welcome! Thanks for watching.

[@callidiy]

YOU ARE A LIFESAVER!!

[@phoniik_jameson]

Nice

[@Wilson-ku3ju]

You're my savior

[@balnure8730]

Thank you so much sir😊😊😊

[@arunnS]

Wonderful presentation, sir. Simple and succinct as always.

[@DrAzevedoEcon]

Glad to help!

[@mirandajohnson2456]

OMG THANK YOU!!!!!!

[@user-mk3dq4wh5o]

❤️am so happy after i watched this video i would like to thank you..can i ask you

[@someboredkid7933]

Thank you! My teacher gave me this other formula for percentage change: (New - Old) / Old I did a question using the two diff formulas but got diff answers though.. So I am a bit confused

[@DrAzevedoEcon]

If you'll go to the 23-minute mark, you'll see me discuss why this formula will not work well for calculating elasticity. It works fine for calculating the percent change in many situations, but not with elasticity. However, if your teacher has told you to use that formula, you should use it.

[@Xudoyberdi_Ismoilov_777]

Bravoo

[@par_vathy7]

Can you please do a video where one Price is given instead of two? I'm confused

[@user-iq2fm7wu7n]

Tnks

[@DrAzevedoEcon]

You're welcome!

[@nicacueto3168]

so meaning 12/7 is a 171. 43%??

[@mohammadsalihu3149]

Am confuse pls help me solve this Price 150. Qty 350. Price 250 qty 300

[@DrAzevedoEcon]

% change in Q: 50/325 = 2/13 % change in P: 100/200 = 1/2 PED = 2/13 divided by 1/2 = 4/13

[@karlapastoriza8686]

What if they give us a formula: (x/f(x)) * f'(x)?

[@DrAzevedoEcon]

This is the formula for a point elasticity, which means your class is using calculus. You should watch my intermediate microeconomics lecture on elasticity.

[@bonginkosimelusi4995]

How do you find the average sir I'm little bit confused there....

[@DrAzevedoEcon]

Sorry to be slow in replying! Add the two numbers and then divide by two. The average is also the midpoint between the two numbers.

[@prime-of4es]

Where is the six coming from

[@prime-of4es]

Ow the six came from 10- 4

[@DrAzevedoEcon]

Yep.... Thanks for watching!

[@DlongwaneZulu]

So nobody really talking bout how he writing n calculating backwards 😳 👀

[@DrAzevedoEcon]

I'm actually just writing normally, but the image is reversed. I'm writing on a large piece of glass with the camera on the other side. From the point of view of the camera, the writing is backward. Once the image is reversed, the writing appears normal.