It's crazy. I come to this dude for physics and chem and now i'm here for econ and even art history. Dude is unreal!
@RankaNikunj6 жыл бұрын
For those who are asking why our method differs for his. Here's the answer There are two ways of calculating PED( price elasticity of demand) 1) *Arc elasticity* 2) *Point elasticity* This this video, he did using arc elasticity, which uses *averages* in denominator.
@ilaydagirgin4743 Жыл бұрын
hey, I hope you answer my question, how do we decide what to use when? I mean when to use Arc e. and when to use Point e.? our tutor uses the point e. formula for example and I feel super confused
@yehuawang75532 жыл бұрын
You teach me math since I am in grade 6, then chemistry, biology, physics... Now you are helping me with econ. Five years ago I said I will donate to Khan Academy one day I earn my own money because you helped me so much. Sorry, I finally recalled this promise. Please continue with great work educating students! My life path would be completely different without Khan Academy.
@ThiagaumBr6 жыл бұрын
Thanks for making this content free despite all the complaints I see in here. Keep up the good work.
@sashagaybennett31339 жыл бұрын
i don't think you know how much you're videos are saving my life , i wish i could shake your hand ,omg
@oliviermboma11153 жыл бұрын
donate
@1chaft8 жыл бұрын
study tip: play this at 1.5 speed and save time and deal with less pauses
@beardededdie2846 жыл бұрын
You're a saint.
@pushkarkulkarni48616 жыл бұрын
Yeah it works
@autistinquisitor94414 жыл бұрын
Thanks.
@chalkchalker70844 жыл бұрын
the guy is like:"so, change in price chaaange in price change in price? chaaange in price change in price
@dolliekwong88113 жыл бұрын
Nice hahahaha
@nefo7069 жыл бұрын
you sir have no idea about how much your videos are saving my life. You are the reason why I'm passing in Biology and Economics. keep going you
@Nolo7779 жыл бұрын
that little white thing you forgot to erase is killing me
@alifanwer95188 жыл бұрын
+Manuel Jimenez effects of OCD lol
@aymanalam4277 жыл бұрын
Manuel Jimenez lol
@pgdm-bcimr25079 жыл бұрын
Just a day before my exams and all economics concepts are going bouncer. Your videos are truly saviour
@grantdavis9812 Жыл бұрын
This guy pops up everywhere for my classes. Solid narrative voice, and breaks things down incredibly well.
@guypurson23536 жыл бұрын
Will everyone stop complaining! Khan Academy is one of the greatest learning environments on the internet besides Crash Course. If you want to complain about everything, go read one of those thick and dusty textbooks that brought you here in the first place. No? Then shut up.
@rakeshranjan58128 жыл бұрын
economics exam on next Monday......tensed!!!!!!!thnxx to all this coz nothing had been taught in our school...... nothing goes in my mind when the teacher teaches....
@hannahzubkoff9935 Жыл бұрын
Youre a life saver, I can NOT understand my professor at all and her examples make me so confused. Went from understanding nothing to everything, thank u
@etch.asketch24207 жыл бұрын
I've been watching this guy's videos for months and I've only just noticed he says everything at least twice. Now it's all I can hear...
@bhargavrox8 жыл бұрын
I didn't get the average part. We weren't taught that in school
@hermionegranger40805 жыл бұрын
It's not change in quantity, it's a change in quantity demanded.
@kingpanda19 жыл бұрын
Thanks so much for the help. You've literally saved thousands of kids haha! God bless to all!
@barrel3412 жыл бұрын
I was taught this way (Q2-Q1/Q1)/(P2-P1/P1) where Q2-Q1 = Change in Q and P2-P1 = P. In the video he say's that we should divide both of the "changes" by the averages of the sums of what it was and what it is. hope I made sense? can anyone explain why is that?
@user-pk3bo7tg2b9 жыл бұрын
Mr. Khan as a Econ major your way of solving the problem could be little confusing and difficult. PED's Formula = (Q1-Q2/Q1) ÷ (P1-P2/P1) will be much easier to use. Ex) price of orange was $10 and it increased upto $15, Quantity demanded was originally 100orange and decreased to 80oranges what will be the PED? 0.1 is PED and its smaller than 1 so it will be (inelastic) hope this easy way of solving will help
@humnaali56074 жыл бұрын
But there is something with the negative sign. That's why he was using absolute elasticity
@wingbliss12 жыл бұрын
Thanks, you are the BEST! You make economics so easier to understand! Cheers.
@erikabarcenas210 жыл бұрын
this video really helped me, and was easy to follow ! THANK YOU !!!!!
@rastadeniz8286 Жыл бұрын
THANK YOU!!!!
@sengkathirparri93115 ай бұрын
Thanks Khan Academy
@sashaslove_14 жыл бұрын
SO CONFUSED. This confused me way more than I was.
@UnitedPebbles12 жыл бұрын
This is a sweet review for UCO's Business school.
@laurenbarber85795 жыл бұрын
a "unitless number", your word choices are revolutionary thank you
@sterling3215710 жыл бұрын
CooperKenison What he's calculating is called the arc elasticity, and he did it correctly. Basically it treats the whole line segment as the original value for the sake of finding the percent change.
@claireandalice12 жыл бұрын
Your handwriting is so lovely.
@tsakanimidaka83099 ай бұрын
Thank you for the videos' you are a life saver, keep up the perfect job
@ScrappyDew223 жыл бұрын
look at him using physics to explain economics... great example for an engineer moving to business!
@sheirodney92646 жыл бұрын
Thank the Lord I finally got it!
@c0ntender18 жыл бұрын
the way the you calculated is different from other teachers and also gives a different answer smh
@headlessslayer52186 жыл бұрын
c0ntender1 yup
@RankaNikunj6 жыл бұрын
There are two ways of calculating PED( price elasticity of demand) 1) Arc elasticity 2) Point elasticity This this video, he did using arc elasticity, which uses averages in denominator.
@kotoriacgll44494 жыл бұрын
@@RankaNikunj but when to use the first one and the second one?
@alveerasmystery3574 жыл бұрын
@@kotoriacgll4449 it would be given in the ques
@lavishlacquernails7 жыл бұрын
Thank you so much for the help!
@KaddyCeesay-pc1vc Жыл бұрын
Thank you
@Ag12x11 жыл бұрын
I finally understand it!
@lucasgraboski15358 жыл бұрын
Thank you!
@thereviewerisback12 жыл бұрын
I feel like this video should be 20 seconds longer. Anyways thank you for the help!
@d3ltabrav05 жыл бұрын
TI-85! Such nostalgia!
@tashannon174510 жыл бұрын
please explain how the fuck the change from 2 to 4 is a %66 change..?
@nakhoi19978 жыл бұрын
+TAShannon1 yeah, wouldnt it be 100% change? I'm super confused
@uPB4uTube8 жыл бұрын
+Nguyen Anh Khoi Once again, I am aware this was posted a month ago... but... Its done differently in economics than in regular math. The change in Q is 2, and so you divide 2 by the AVERAGE of the original Q and the new Q, in this case 2 was the original Q and 4 is the new Q, therefore it is 2 (The change in Q) divided by (The Original Q and new Q) (2+4)/2 = 3 Hence we get 2/3 = 66%. This way if we go backwards and go from Q4 to Q2 we still get a 66% change in Quantity. It removes the issue of percentages when raising/lowering a value. For eg, if someone said to raise the number 10 by 50%, it becomes 15, if someone said reduce the number 15 by 50%, you get 7.5, and so you can see that working backwards using regular maths percentages does not work for price elasticity. However if we use the average of 10 to 15 it will work both ways. This is quite a difficult park to explain however once you understand the concept it will make sense. Good luck!
@sherrys646010 жыл бұрын
very colorful presentation, which helps a lot. nicely done!!!
@MariaMaria-si4py6 жыл бұрын
Real Life is Big Different. Many business doesn't have to do a lot of step like this. The thinking is products, price, profit, loss, and plan. Any way we as human have a different way of doing and so ideas.
@barrel3412 жыл бұрын
@ScienceHelpWPS thanks mate, I told that to my teacher and he said he's going to think about it. He also told me that both ways are acceptable, but he admitted that this one is better! thanks again :)
@iannhedfi8902 Жыл бұрын
thank u a lot
@ScienceHelpWPS12 жыл бұрын
@NikaKasradze The find the percentage change in Quantity and PErcentage change in price, you must use: Difference/Average, or (Q2-Q1)/(Q1+Q2/2) Same for price. When you get those two quantities, you divide the Quantity % change by the Price % change to get Elasticity of Demand
@simranwadhwani6317 жыл бұрын
U r a genius mann!!!!
@dchall84 жыл бұрын
I wonder how much more visually understandable this would have been if the graph was flipped into the conventional view where the independent variable (price) goes along the X axis and the dependent variable (burgers per hour) is along the Y axis.
@etho73514 жыл бұрын
I feel like there is a better way to represent this equation
@shaheerkhan68157 жыл бұрын
i actually used this "Taking average" method for calculating "% quantity demanded" instead of the "divide by the first value" method...... and my teacher just straight up docked my grade for it...--___--
@moitrig.95307 жыл бұрын
thank you so much for making this so clear 😊
@kofi86212 жыл бұрын
keep up the good work Mr. Khan. nice work
@k1896443 жыл бұрын
Fast forward to 5min and 30sec to save time
@95dank11 жыл бұрын
Old number - new number. divide the outcome by the old number multiply what you get by 100
@frikhatomar64264 жыл бұрын
Thanks a lot
@arwanouira15586 жыл бұрын
That was very helpful, thank you ❤
@iamtheubermenscher12 жыл бұрын
i owe you my life.
@UnitedPebbles12 жыл бұрын
Elasticity of demand: change of quantity consumption compare to change of price. Repeat this three times and you get yourself a demo tape for audible.com.
@sonubs5207 жыл бұрын
please put video based for icse syllabus all subjects
@SuperaMAYzin6 жыл бұрын
it's %change in quantity / % change in price, not the other way around.
@lilcodec466 жыл бұрын
May Phyo that’s what he did lol
@selwynpaul51928 жыл бұрын
very helpful
@ahmetgokkaya81276 жыл бұрын
if you remove the subtitle lock, I want to translate to turkish. pleas??
@mj_genre00710 жыл бұрын
Hi! Can anyone tell me what's the equation? Thanks!
@Muso99212 жыл бұрын
Change in price. Change... Change in price. CHANGE in price. Change in PRICE.
@tonyyt40810 жыл бұрын
its nice. but there is one question i am misunderstanding. why should we use the %change in quantity over " the average of price" ? could someone explain it to me . thx much
@5iveever236 Жыл бұрын
it's unitless, so the unit's end up cancelling out
@user-em4vq5cy4x6 ай бұрын
so basically the rate of change, i feel like its all just fractions of fractions
@QuasiBelgium12 жыл бұрын
Watch out! We got a badass over here! (Quite a few, actually...)
@sterling3215710 жыл бұрын
@dontchaworrychild He gives a pretty good answer to your question from 9:00 - 9:40
@venybzz6 жыл бұрын
Hey there my friend, thank you so much for your videos. They are really good for beginners to understand basic stuff. I want to ask about the the average formula you are using for elasticity. You explained that your are doing this in order to have the same result for A->B & B->A. But, doesn't matter that result is different number when you use the average formula and the "original" one? Or, is about elastic or inelastic and number doesn't really count. For example, from A->B E=2, so it is >1. Also, do you have any video for income elasticity? Thanks in advance
@sannevanloon26018 жыл бұрын
You have saved my life !!!
@fredwardNO112 жыл бұрын
@xbsl123x I don't think you have made a mistake, that was what I was taught for A-level economics :)
@AFROTHINKER9 жыл бұрын
I don't know if any one pointed that about but there is mistake on the graph. Price = x and Quantity = y. the graph has it backwards...... Hence % change in Q/% change in Price.
@ensuena29 жыл бұрын
that would make everything easier but unfortunately the variable is actually on the y axis, price, and quantity demanded is the x. Economics is weird....
@arjaymadriaga66082 жыл бұрын
How about if there are 3 points that you need to calculate (something like point A-C or ABC). How is that? Thank you for responding ☺️.
@ttran89992 жыл бұрын
Hi there just wondering .. what if I’m given the elasticity of supply and demand and there is an increase in production which increases the price to 2%… how do I find the percentage change in quantity? Any help is appreciated. Thank you and your life changing videos.
@kathrynnjoki66092 жыл бұрын
Which is the most elastic demand
@fahadahmed39836 жыл бұрын
i understand easily please
@BruchoSindicate11 жыл бұрын
How to find price if i know Demand and Supply? I am thinking for hours and can't figure it out..For Ex: Demand in units - 5400; Price - ???; Supply in units - 590? This is kind of a rocket science.
@fahadahmed39836 жыл бұрын
you added more videos
@lauraw31296 жыл бұрын
When a free class online teaches better than my $10,000 schooling does....
@KoolKaiser9 жыл бұрын
almost all the videos i see are too basic, nothing like this will ever be asked on my exams...
@thisisrtsthree99928 жыл бұрын
+KoolKaiser yeah, but don't forget my friend that those videos are not designed to replace in depth books, articles, etc. These videos are great for contrast and context.
@KoolKaiser8 жыл бұрын
ThisIsRTSThree999 to me theyre only really useful if u either dont go to class, dont learn in class or u studying online. I mean theyre very well done vids, just way too basic if ur actually in an institution and are serious about ur work
@thisisrtsthree99928 жыл бұрын
KoolKaiser yeah in that case it's better to get a book. Even tho there are books that are even more basic than these videos. Like, Mankiw's book, that book is sooo basic, it only has a handful of mathematics, everything is done with graphs without numbers.
@KartingApexKing8 жыл бұрын
+KoolKaiser Why are you complaining. Purchase a text book instead, instead of complaining about a free video.
@KoolKaiser8 жыл бұрын
Hamilton 47_ I wasnt complaining i was stating my opinion...furthermore if a textbook was a viable option at the time I would have used that.
@jacksoutofthebox8 жыл бұрын
Skip the first 3 minutes.
@jacksoutofthebox8 жыл бұрын
*5:00
@silviogrijalva88016 жыл бұрын
Mason Smith nah
@Aa-xb6of6 жыл бұрын
Nice
@pamelamorales31734 жыл бұрын
the fact that you literally say everything twice kills me. learn to just be comfortable with pauses PLEASE they wont kill you
@Elusive01016 жыл бұрын
channnge in price...change in price....channge in price
@BenGenio12 жыл бұрын
When are these videos going to be uploaded on KhanAcademy? I want to earn Energy Points there, I have already watched the first 16 videos of the MicroEconomics playlist. Please, let us know! :)
@CooperKenison10 жыл бұрын
just so everyone knows, %change in this video is calculated incorrectly. it should be (new value - original value)/original value. Just look at the change in quantity from 2 to 4: That is a 100% increase, not a 67% increase like Sal's method suggested.
@Theslboutiquellc6 ай бұрын
So what is the midpoint formula
@gammaraycube8 жыл бұрын
between C and D formula i got -1.22% and not -1...which one is correct?..am bit confused..cheers.
@illicitlegacy37833 жыл бұрын
So inverse of slope?
@Hooghog9 жыл бұрын
Economics Unit 1 exam tomorrow -.-
@naikkelas12417 жыл бұрын
This one need a whole lot of preparation. F-ing confusing @_@
@prosofinajerome68997 жыл бұрын
what is price inelasticity of demand
@fatffatable11 жыл бұрын
i love you!
@Mongee25 Жыл бұрын
omg Thank you!
@baritmarkkennethb.91425 жыл бұрын
What is the issue about in this video price elasticity of deman?
@meeeeeeeeeeeeeeeee73310 ай бұрын
I kinda don't get it. How could it possibly get the 8.5 as average??
@brah86269 ай бұрын
9+8 devided by 2
@loveonsalem6 ай бұрын
@@brah8626why would he divide by 2? Tho? Wouldn’t it be 1
@brah86266 ай бұрын
oh man i would really love to anwser ur question but i dropped of collage and literlly forgot every thing i took lol@@loveonsalem
@JamieDigitalArt11 жыл бұрын
0:06
@ashwathsumugam70183 жыл бұрын
A legend
@proznar8 жыл бұрын
WTF are u doin man! You used the formula wrong way! You make me confused dude!
@MaDkiLLaV28 жыл бұрын
+Egemen Özdemir Yeah, he got the average wrong...
@cosmic_kid28687 жыл бұрын
no he didn't. 2+4=6/2=3 9+8=17/2=8.5
@sachinmathur23206 жыл бұрын
he got the % wrong (4-2/2*100=100%) 100% change in quantity .as you can see without mathematically
@rikoshcet6 жыл бұрын
agreed
@cjcunningham38204 жыл бұрын
Vlad is that you?
@95dank11 жыл бұрын
why is your handwriting so damn nice? i feel like a caveman.
@foxdfive16 жыл бұрын
what kind of software is this to draw out these problems. Looks like a blackboard with no hands