How To Understand Elasticity (Economics)

[@veranazirova1884]

I kept rereading my textbook, was super confused. This explained it to me perfectly. Thanks so much. You saved my end of semester grade x

[@amymantilla9685]

I just found your videos because I'm going to be an economics major for undergrad starting this summer and wanted to have a small head start. Your videos are so interesting and I feel like they're going to help me so much! Thank you for making this type of content

[@MarketPowerYT]

That's so exciting to hear! What kind of videos would you be interested in?

[@lilhax7971]

I wonder how you four years went Amy.you prolly finished your eco degree

[@MarcPhilipGoodman]

I’m really curious if you continued with Econ, or switched majors. Congrats

[@olxxa4967]

learned it for a semester at university and never understood it. And wow, I didn't know that I could understood it in just 6-5min. Thank you. I loved the comparaison. That way of learning is so much fun.

[@asian_mando]

You're a damn life saver! I've been trying to understand this concept in my MBA program for the past two weeks, and it just "clicked" after watching your video! Subscribed and recommended to my fellow MBA homies!

[@stefaniswim5947]

This is literally me right now trying to get through the assignments 😩

[@raventimmy1]

Dude, thank you for making this video. I just started a macroeconomics class with online schooling. Your video helped me understand elasticity so much better than reading the material. I greatly appreciate videos like this and those that post them. without them I would be more confused with no way to better understand. Thank you again.

[@b.cdrisk2035]

Thank God for people like you who make complicated subjects simple

[@aseth9541]

Your videos are so underrated

[@MikeAlcazaren]

awesome video. as a mechanical engineer turned product manager - this is the visual representation that i love

[@haddielawler7812]

I am taking econ and having a hard time understanding the concepts but this video along with many others have really helped. Thank you!

[@lukefreund08]

Now let’s hope I don’t fail my Econ test tomorrow

[@HabibahLawal-vp9zo]

fr though

[@onuegbupeter9375]

@@HabibahLawal-vp9zo Yh mine is in next 4 days 😢

[@shahebrouth6827]

One of the best video on elasticity

[@francinemulumba5893]

As an econ student thank you so much this is well explained

[@sleepyjoescumbag1663]

As a non econ student you are welcome.

[@vaibhav_tiwari_]

I am Indian And Loved Your Video ❤️❤️

[@jakepitner6357]

This is fantastic! Thanks so much for sharing your knowledge and being able to communicate it in such an effective way.

[@thymetime2314]

THANK YOU for making this concept understandable! Saved me so much confusion in Economics class!

[@briannakruc]

I'm in a distant learning program so most of my work is reading my text book and doing my homework based on what I learned that way. I was really struggling to understand this and you helped a lot. Is there a part two that goes deeper into this concept?

[@alisonnoah79]

Omg your illustrations are more understandable than my teachers whole ass explanation of elasticity ❤

[@MarketPowerYT]

What other topic would you like me to cover like this?

[@a.n.5869]

Can you show how to compute elasticity given a demand curve and supply curve? I love your videos!

[@theunknowing6293]

I just watched your video for the first time and omg you explain this so well! Can you talk more about economics? Maybe microeconomics?

[@nofont167]

Hi, I'm thinking about studying economics and would love for you to make a playlist/ videos about things that are crucial to understanding economics. Just like this one, simple to understand and perfectly explained. Explaining neo-classical economics, different theories of economics, externality etc. Like important things to know. Keep up the great work! I subscribed and can't wait for more educational videos :)

[@cartermohamed6643]

@Ronin Alden Thanks so much for your reply. I found the site through google and Im in the hacking process now. Looks like it's gonna take a while so I will reply here later with my results.

[@cartermohamed6643]

@Ronin Alden it did the trick and I finally got access to my account again. Im so happy! Thank you so much you saved my ass !

[@mackenziecolebrook7223]

I really struggled with this but your video helped. Thank you!

[@gratitute1]

Excellent job. Shared it with my students.

[@RachelGrayM]

Great point about comparing the value in job offers I haven’t heard this discussed as much

[@mylesbutler4490]

Thank you!!! I'm having my Economics Final tomorrow and this really helped!!!

[@maggiemassey584]

Thank you for a great breakdown! I have always struggled to fully understand elasticity

[@bhanugarg7798]

Sir, your great, in a very short period you made this concept very easy

[@keqrou]

This is the one thing that was tripping me up, but im actually doing really well in advanced economics in yr 11. Here in AUS its called ATAR

[@cherthornhill4213]

Thank you massively. Elasticity seems almost obvious when I hear you explain it. I'm very grateful for your video. I'll try to access the other elasticity ones too.

[@xfbgmx7049]

Great visual representation on how this all works. Really helped sum up the concept of elasticity vs inelasticity

[@halaabdulfetah8552]

🏳️‍🌈🏳️‍🌈

[@SierraSchottsTours]

Loved this video. I'm a very visual learner and I wasn't able to study this concept as thoroughly and as quick in my compressed class time and this pretty much summed up the lesson in almost 6 minutes. LMAO

[@wanjirukamenyi2578]

Genius explanation, love it!

THIS IS PERFECTTTTTTTTIOOOOOOOOONNNNN THANK YOU SO MUCHHHHHHHHHHHHHHHHHH

[@baileyradel3104]

Fantastic explanation! I liked the visual with the weights.

[@nilukshiapsara531]

that explained well.thank you.

[@allclassallthetime4739]

I'm almost done with my MBA. It would be reassuring if it's not just me where this chapter gets lots of frustrated students who think they get it then just seem to epically fail the quizzes? I don't think the self quizzes I've been able to get a single question right but i've read the chapter and didn't seem to not be lost completely at least navigating the lesson. anyone feel the same?

[@mariannezipf8262]

Great explanation that puts technical jargon in very simple terms!

[@dineshwarsingreesaul896]

You are great Sir. S real teacher

[@kavaughnparkes9549]

great job.

[@chriby28]

thanks you've made this a lot clearer than my tutor

[@e02100]

I thought this was great! Reading about elasticity in marketing and this helped! Thank you for making this!

[@dorito818]

Would employees be considered elastic? Since a change in minimum wages (price) would alter the demand for employees?

[@chiaraimponente1681]

This video is so well done! thank you !

[@JDiaz-pz9gv]

This was extremely helpful. Thank you

[@Sustainabites-vo5nz]

Amazing!!! Thank you so much!!

[@leoDvincci]

Awesome!

[@andrewvincent9229]

You may have just saved me from my mid-term exam!

[@urmikuurp7731]

Which is more elastic... A brand car or all other ordinal car????plz help

[@economist_22]

thank you...explanation..hats off🥰

[@SikaDiwash]

I learned more from this video then from a 3 month economic class lol

[@sadiamalik6988]

so well explained thank you!!

[@esayasfentahun3259]

Thank you so much and it is a good explanation with good examples

[@snigdhamathur1582]

This is great! Thanks so much for this interesting explanation!

[@haalee_me]

Thank you, now I understand this better.

[@charcole19]

Very helpful, thank you!

[@amritapanda4199]

You're incredible. Thank you so much for this explanation!

[@dr.mehnazrashid4912]

Excellent video

[@arghyadey5433]

This was so helpful. Thank you for your help

[@m.x.b.9949]

Very helpful! Thank you ver much!!

[@tannahmutune8245]

Thank you..this was so helpful💞💞💞👏👏👏🌹

[@cadestocker2423]

Super helpful!

[@MM-pm4tb]

Good explanation! If I know the elasticity of demand and supply for a good could I then calculate how much the price would change per percentage change in demand? And how would I calculate that? Thx 😊

[@cosmoshhh]

mannn this is tooo gooood

[@drsirgay9176]

fantastic explanation! thank you

[@fastermike94]

You should learn about Ampleforth if you want an example of an elastic supply money

[@vijayaragavanm9307]

You didn't say about elasticity of supply 🥺, but video soooo good 😍

[@dagimaddeheabAdam]

It was awesome thanks 😊😊😊😊👍🙏

[@funny100m12]

Hello, great video keep it further

[@mrnjobvu8861]

very encouraging man

[@shivbabuverma1177]

Love from India

[@nanaprudensia1252]

Good

[@shaikhammar441]

2:58 This is only true if the initial quantity was same to begin with. If the change in qty demanded is greater, it doesn't necessarily mean it is more elastic. You pretty much completely went over the idea of percentage change. What you explained is marginal demand or slope, which is dX/dp. Elasticity is defined as (dX/dp) / (X/P). If a line is steeper or flatter, it is not more elastic or less elastic; elasticity of points in a straight line that is not completely horizontal or vertical, varies from 0 to infinity; it is only when elasticity is measured at the same point, can we say the steeper line is less elastic. This pretty much says nothing about why one would prefer elasticity to slope.

[@MarketPowerYT]

Interested in graduate school? ✅Get my FREE grad school application worksheet: marketpower.substack.com/p/gradschool-masterclass

[@Jamy_]

Nice shirt !

[@emiranss]

Tnx!!!❤️❤️

[@kayeeleung2670]

1:46 - 1:58 3:56

[@shadowninja5657]

Great way to pass massage

[@callmebuizelbch4613]

actually i'm law major, 1st course but idk why we have microecon class and tomorrow (i mean after 4 or 5 hours) i have quiz about elasticity so i'm here bruh...

[@scottadams2977]

uhhhh, elasticity in physics means resistance to deformation force. so the blue band is more elastic. many people confuse this.

[@QQ-sz7it]

Resistance to PERMANENT deformation force. If you stretch two objects continuously, the one that is less elastic will reach permanent deformation first.

[@slimbrown1070]

fantastic

[@oluwaniyiojo2609]

great

[@lfuboi]

So, bananas were more elastic because people wanted them over a longer curve. Another example said teenagers were the most sensitive to price changes and, therefore, are more elastic...and this is where I get confused. Teenage demand for vapes would drop off much more rapidly than that of adults with stable careers. An adult's demand curve for vapes would be longer, like the longer demand curve for bananas. So why aren't adults the more elastics group?

[@Rome88136]

very helpfull thanks

[@hansmokenieman4930]

U know what we got here? We got an elastic product. U know what dat mean? Dat mean if people go ELSEwhere and get dey printin and copy'n done...DEY GONNA DO IT!

[@tanishbansal9940]

💯💯💯💯❤️🔥

[@hammadalishaikh4087]

From mmk

[@dorothyrosa5176]

And this is what makes rubber

[@julietagarsota4232]

CHAPTER 3

[@小野界偉]

no, blue ban is more elastic than the yellow one because under the same stress the deformation is smaller.

[@PietvanderLinden]

huurprijscheck huurprijscheck

[@ricardovela2455]

You have pretty blue eyes.

[@fastl0v3]

bro your eyes are so blue

[@clarkgable1055]

Get to the point.

[@gitterz]

poop

[@vitusmimica899]

goofy lookin ahhh boi

[@PietvanderLinden]

huurprijscheck😮