Interpreting Price Elasticity of Demand

[@Ary-fz1hj]

This was such a good video, you explained it perfectly and it couldn’t have been better. Thank you

[@ShashiBhartix]

A beautiful explanation. Thank you!

[@econhelp_official]

You're very welcome! That's so nice of you to say, thank you! ❤️❤️

[@Tollbi]

Very useful thank you!

[@econhelp_official]

Glad it was helpful Andresl! Thanks for the comment Happy New Year!!

[@benjaminbreeg1323]

Are there notable,spesific examples of inelastic and elastic PED

[@econhelp_official]

Hi Benjamin, I list some examples at 4:10 and 6:25. In terms of 'notable' examples, Martin Shkreli's increase of the price of drugs used to treat conditions associated with HIV is a good example of a product that has inelastic demand, and how large increases in prices do not necessarily lead to huge changes in demand - or to say in a more careful manner, how business's can increase profit if a product has inelastic demand. Notable examples of elastic demand goods are a little harder to come by apart from the regular examples of goods that are fairly identical across a large range of firms and thus are goods that have lots of substitutes (sand, oranges, carrots...). Any new industry that has become open to competition are interesting examples because we can compare demand elasticities before and after a firm is subject to competition from substitutes. Hope that helps!

[@benjaminbreeg1323]

@@econhelp_official thanks for your endeavors