Elasticity of Demand

[@MarginalRevolutionUniversity]

Continue learning with practice questions: mru.io/sxs

[@jaidak941]

This man just summarised an entire chapter of my textbook in 14 mins

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This channel is highly underrated! The concepts are taught in such a simple and lucid manner. Absolutely brilliant 👏

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I enjoy and understand these lectures more than my microecon class. Thanks for the help.

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Dear Alex, the fact that you are an Iranian not only makes me more thankful but proud too. love and respect from Iran

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He's the best lecturer of economics. You deserve 5* rate!

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wow. interesting and SOOO much better than whatever my microeconomics was trying to explain in a 2 hour lecture. this was clear and to the point. thank you so much!

[@yarwonbarto1400]

Thank you so much! Your explanation and examples make it so easy to understand the concept of Elasticity. I was reading the textbook and it didn't make sense, but watching this video clarifies the concept of elasticity.

[@trinitypark2769]

so good! I'm studying for my mid term. I didn't understand a bit from my professor. So grateful... Thank you.

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This is so goood! I was reading my textbook and had no idea what was going on. Look at your video and I get it; I feel as if I don't need to memorize as I get it. Thank you so much!

[@klonisarcher6553]

I really like your videos. They have helped me alot. However, changing the price in toothpicks from fifty cents to a dollar is a 100% increase. 50% increase would be seventy-five cents.

[@tushargautam1]

It will be clear in the next video actually he used the average to calculate percentage changes

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This guy brings relief to my studies

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Very useful teaching methodology for beginners like myself. Hope brief notes will be available for further reading and reference

[@habibakhattab2935]

Thank you so much for this video! can you write down the answer steps for the practice questions please? Thank you in advance

[@The_Explainer365]

Thanks very much I've got a lot,than my University. Teacher,Be blessed,

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You just saved my life before the exam thank u

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thanks for you supports young economists and also i thank for your effort that paid the economics...

[@chriand4258]

Thank you for a great lesson, this can not only work in real life, but also in a game like Runescape that have its own marketplace, like food supply and weapons were food is elastic and weapons are less elastic.

[@raygaytan1836]

Thank you! My instructor needs to take lessons from you. =)

[@childofgod2471]

$0.50 to $1.00 for the price of toothpicks is a 100% increase in price, not 50%. Just to illustrate that it's an even larger price increase than you stated, and still it isn't considered a big deal.

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i'm taking introduction to economics in my university and took me less than 30 mins to be ready for my exam thank u very much

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two hours untill exam lets go thank you for this great video

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Did you pass or fail?

[@michaelhilliary7807]

I DEMAND more

[@martinepstein9826]

Another great video! 11:53 "Consumers probably won't even notice whether toothpicks are 50 cents or a dollar. That's a 50% increase in price..." :O

[@andru5054]

+Martin Epstein from 50 cents to a dollar that`s 100% price increase, as far as I`m concerned

[@alainkalubi5542]

Well it's a 50% increase if you think that 50 cents are 50% of a dollar, instead of viewing this as 1 dollar is a 100% increase of 50 cent. But that's just the way they you look at it.

[@miansalman5738]

I really understand and achieve more knowledge than i think.Thanks

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Mian Salman Microeconomics class 12 CBSE 2018 kzbin.info/www/bejne/nmOrZ36Jm9-Zd8U

[@tommurt4449]

This was an excellent lecture.

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this class is better than physhical class..

[@ShivDh1]

thanks sir.. I have a question that my teacher asked me.. the question is that "why price is on y axis and quantity of demand is on x axis"??

[@MarginalRevolutionUniversity]

+Shiv Shanker You should review some of the videos from earlier in the course. We begin by covering the demand and supply curves, and equilibrium price. These should help with your homework. Good luck! - Meg (Link: kzbin.info/www/bejne/bZa9lIOpbt9shaM&nohtml5=False)

[@ShivDh1]

Marginal Revolution University thanks sir

[@joelj7812]

On the elastic demand curve , the quantity demanded is more responsive to the price than it is on the the inelastic demand curve

[@DimaDBrown]

Thank you Prof Alex Tabarrok!

[@JobinJohnsonArtwork]

Please explain total outlay method and ARC elasticity of demand

[@candiceburger5123]

Thank you for this... very very helpful... clearer understanding!!!!

[@ruthvidal6466]

You guys the absolute best!!! Wow u saved me. Thank you

[@Dbk1608]

Thank you for the clear explanation

[@joelj7812]

The narrower the classification the fewer substitutes and the more elastic the curve

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Great videos. I learned what I needed to learn. Thanks for posting

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Now it is all clear,,,,,,,,,,,,,,,,,,,,,thank u sir.

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Well explained .Thanks for posting!

[@wm5416]

I am loving these videos! Thank you for posting!

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Great tips!... Keep uploading thank you!❤

[@UyenNguyen-ot5sq]

wonderful content an easy to understand explanation. Thank you!

[@wizardOfRobots]

Beautiful intro to elasticity of demand...

[@joelj7812]

It's one of those foundational concepts

[@nokubongabuthelezi2870]

This video was so helpful

[@gauravmohan9271]

Thank you so much…i keep commenting ..as want such pedagogy should reach out to maximum and they can gain more with less effort…Consumer optimisation 😎

[@youtubeenjoyer199]

the reponsiveness of demand to a change in price

[@emansiddiqui8537]

Thank god and thank you for making it easy.

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Now I wonder why I didn't understood from this man... the whole year is wasted eh! 🙂

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thank you,you helped me a lot

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that sounds so helpful. thanks

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Awesome info.

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I love your channel!

[@andru5054]

thanks for the videos!

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Thank you for the help.

[@doumouya100]

Well understood

[@Mrparthamanna]

Thank you sir.

[@erudaishanker]

Thank you sir for such a simple explanation!!!

[@Munchiie]

Thank you for your videos

[@joshuamerano834]

Thank you ❤

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iliq haresva tova!

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great video again wow!

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Thanks for nice video .

[@mentalhealthadvocate475]

awesome guy very helpfull

[@joelj7812]

The quantity is changing a lot in response the price

[@anhphuongnguyen7665]

helps a lot thank u so much

[@kinarroo2135]

Thank you!!!

[@mespritneel8354]

thanks a lot sir!! helped much :)

[@SquishyAcePilot]

Thank you.

[@henrikhove7102]

Toothpicks increase in price from 0.5 to 1 is a 100% increase in price isn't it?

[@schanemassey3861]

yes but its a relatively small increase to a consumer, thus the quantity demanded will not change.

[@msjadoun9620]

very thanks

[@fahimfahivlogs]

is there any pdf file copy for this video ?

[@MarginalRevolutionUniversity]

No, there's just the video. Sorry about that! -Meg

[@centexn]

How bout we get working on it. Sorry about that!!

[@PapaJenkinz]

+centexn relax

[@berihunephrem4100]

Ethiopian coffee, elastic demand loved

[@drakewilliams10dw]

Thank you

[@mugojonah9452]

Masterpiece teaching five star

[@happy_person171]

Thank you so much love you ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️

[@joelj7812]

I would bargain when the purchase is a large fraction of the budget

[@leratomotimele5692]

Can one become an economist without maths?

[@cdelcarmen90]

awesome!!!

[@chitsein4161]

thanks alot

[@joelj7812]

Linear

[@bismillahhakimi858]

fantastic

[@joelj7812]

There would be more Sprawl if the price is low

[@sirdondaniel]

11:53 - from $0.5 to $1 it's a 100% increase. Sorry! Just trying to look smart here.

[@Navak_]

It's honestly infuriating that the x axis (input) is quantity sold and the y axis (output) is price. Who the F did that bit of ass-backward reasoning? I have to reverse all of my intuitions about how to use the supply and demand curves. You guys even say "price causes a change in quantity demanded" because that's absolutely the common sense way to think about it. You have direct control over the price and only indirect control over the quantity demanded via the price. But my brain is wired from a decade of math class to look to the x axis for the input (which would be PRICE) and the y axis for output (which is QUANTITY).

[@Navak_]

"Although it is normal to regard the quantity demanded and the quantity supplied as functions of the price of the goods, the standard graphical representation, usually attributed to Alfred Marshall, has price on the vertical axis and quantity on the horizontal axis." en.wikipedia.org/wiki/Supply_and_demand ALFRED MARSHALL

[@joelj7812]

People in Europe adjusted due to taxes

[@mynameisworld4097]

thank uuu

[@joelj7812]

Small items, in the short run , more inelastic

[@thompsonsummers1557]

why?

[@sohanshrestha9466]

If the price of a toothpaste goes from 50 cents to a dollar , it will be 100% change in the price... Not 50

[@joelj7812]

Do monopoly Subsidy

[@nhattan6868]

4:43

[@diegobeltran988]

me gusta

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👍👍💜

[@joelj7812]

Ethiopia

[@joelj7812]

Generic aspirin

[@stoychorusinov5519]

Where is the calculus. I need to understand those derivatives common bro, pls . That’s fake microeconomics.

[@joelj7812]

Toothpick

[@iantobrewer3896]

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Just bettter thân a course of thousand dollars