Elasticity of Demand and Supply Coefficients- Micro Topic 2.4 and 2.5

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+adwoa armah You are very welcome. Let me know if you need anything else.

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[@JacobAClifford]

No, sorry.

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Sorry vydo5454. I have a condition called isuckatspellingitus. I've had it everr sinse I was a litle kidd. I use to be self-consious abuot it butt now I dont give a crap.

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[@charlieben-nathan7833]

Really great video, I'm getting my students to look at it for revision. I think there is one error. Unit elasticity will not be a 45 degree line, but will be a rectangular hyperbola. For example, for a 45 degree line changing the scales on an axis would change the slope of the line but wouldn't change elasticity. For any straight line demand curve elasticity will be infinity at the top, 0 at the bottom and 1 exactly in the middle.

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one more thing if Income elasticity of demand is > 1 then its a luxury good.

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I have a question for you Mr. Clifford that we have constantly been debating in my micro class...is deodorant an elastic or inelastic product? also thank you for ur awesome videos I couldn't have survived Marco or Micro w/out u!:)

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+Olivia M Wouldn't it depend on the region? Some people, in rural areas, or other countries don't use deodorant. Yeah, that's right. Compliments are still out there, and hey just ask yourself how important is Deodorant for you?

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[@JacobAClifford]

However; if they can't afford it, they are no longer part of the demand curve. Remember that you have to be "willing and able." If they aren't able then they are out so the line is still vertical.

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[@Brandon-qr8zz]

Even though this is an older video it’s still super helpful

[@jimmcgowen7988]

Well done except for a few basic errors. With the exception of perfectly elastic and perfectly inelastic demand curves the elasticity of linear demand curves varies depending on whether price is above or below the midpoint price. Despite what the video implies, a linear demand curve with a very steep slope is not always inelastic, and one with a flat slope is not always elastic. Instead, each will have an elastic range (for high prices) an inelastic range (at low prices) and will be unit elastic at its midpoint. A demand curve with a slope of 45 degrees is not always unit elastic. (A demand curve with constant unit elasticity would graph as a rectangular hyperbola.) Aside from these errors I like your enthusiasm and thought most of your examples were excellent!

[@Crabdance1]

This is definitely true, and he makes brief mention of it when he states the "unit elastic" demand curve as being a line with a 45 degree angle (meaning: i'm pretty sure he knows), though usually this nuance isn't provided in a basic intro to econ course. i'm sure he weighed the benefits and costs of providing more detailed information at the risk of deep confusion.

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