Elasticity of Demand- Micro Topic 2.3

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@@JacobAClifford Please super hero economy expertise help me to solve this question AThe Elasticity impact over different types of goods?

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My brain while he’s doing the “you look like an I when it’s inelastic and not an I when it’s elastic.” : Cheerleaders: “Elastic! E-e-elastic!”

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[@JacobAClifford]

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Wow, that final techniques to differentiate elastic & inelastic

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That moment he says ""innneelaastic".I spit my coffee. XD

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His facial expression to that "innnneelastic" 😂 priceless and funny

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1:13 "I'm an american!"

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"I am 1 as well" lazy one at that.

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I just had to pause the video to give this a like when he hugged a tree lol

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Hi Teahcer you made a serious mistake at 3:19, the graph for unit elasticity is wrong, my student pointed out that mistake for me and i am prooud of her 😃

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Where is the mistake? Can you explain?

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1:10 Mr Clifford cancelled. It's illegal to be American.

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Two straight line demand curve intersect each other.... But how can you explain.....

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I’m going to pop that “I” and “E” in the examination hall for sure 😊

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the last part on the "I" was amazing. I kept confusing the two conditions of elastic and inelastic prior to this video. Midterm tomorrow! Thanks!

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+Dianne Nodira You are welcome Dianne

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What are the variables that should be used when calculating the elasticity of demand for imported consumer, intermediate and capital goods?

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I spent so much of my time reading the textbook on Elasticity and could not wrap my mind around it, but In just 6 minutes you explained it perfectly. Thank you so much Q u Q

[@JacobAClifford]

You are very welcome

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I was feeling sleepy while studying but while watching this my whole mood just lighted up...

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He loved the trees so much he had to hug an imaginary one lmao

[@chetanyafromjpis]

Elasticity of Demand Measures how sensitive quantity demanded is to a change in price It depends a lot on the type of product Inelastic demand : A change in price will slightly affect or not affect at all (or is insensitive) to) the quantity demanded, for example : gasoline. Products with inelastic demand : 1. Have very few substitutes 2. Are necessities 3. Have an elasticity coefficient less than one (1) Take it easy on the maths in micro Elasticity of Demand Coefficient = % Change in Quantity / % Change in Price Elastic Demand : A change in price will affect or affect very hugely (or is sensitive to) the quantity demand, for example : Burritos Products with elastic demands : 1. Have lots of substitutes 2. Aren’t necessities/are privileges 3. Have an elasticity coefficient or greater than one (1) Unit Elastic Demand : The price and quantity demanded are inversely proportional to each other (if the price goes up 20%, quantity demanded decreases by 20%) Elasticity of Demand Coefficient : 1 Perfectly Inelastic (Like Insulin) : Quantity isn’t affected by change in price Elasticity of Demand Coefficient : 0 A vertical demand curve (a line) Perfectly Elastic Demand (Like Rice) : Price and quantity demanded aren’t linked at all A horizontal demand curve Elasticity of Demand Coefficient : Infinity More substitutes a product has, the more sensitive it is to a change in price, and greater the “Elasticity of Demand Coefficient”

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