Elasticity of Demand- Micro Topic 2.3

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@@tylermanev1447 Matthew 6:19-21 [19]Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: [20]But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal: [21]For where your treasure is, there will your heart be also.

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Shaunak Sharma cuz Clifford is part of Crash Course econ now, co-host with another person

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+Dianne Nodira You are welcome Dianne

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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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I,m actually gonna use that I method during my exam! LOL

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my professor wondering why i'm raising both my hands during the exam

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I love how this teacher focus on our basic understanding, he did not show us how to calculate elasticity in demand itself, step by step. You’ll gain good results.

[@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”