More on elasticity of demand | Elasticity | Microeconomics | Khan Academy

[@ibraced1243]

For those who didn't understand look at it this way, if you wanted to buy a house, and its initial price was 300,009$ and it raised by 2$ i.e it became 300,011$, will that have a strong impact on your will to buy the house? i think it won't but what if you wanted to buy a pack of gums and it's price was 2$ and it was raised to 4$, now will you consider buying it again or not. This is exactly what elasticity is about, how a change of the % price will affect demand

[@khsadadbinsajed5574]

Thank you!!!

[@Danialy210]

U saved me thank u !!!!

[@sakatagintoki2791]

thank you

[@mrfixa7702]

Oooooooh thank you, that makes so much more sense

[@ProDarkHunter16]

I have just learned in these 19 mins (with previous video included) more then I did in 2, 1.5hr lectures with my prof. U are amazing!

[@shakaama]

ok so by video 18 I am now able to understand 75% of my study guide, where before it was literally like trying to read hieroglyphic quantum physics.

[@beardededdie284]

lol

[@wingbliss]

Thank you! I can't say enough of thanks! You video has help me understand elasticity which seems SO complicated. I didn't know why we had to divide by average and I am amazed you can make it easier to understand. Thank you.

[@raypraise]

Thanks again Khan! Studying for my CLEP exam..

[@star4u146]

THANK YOU KHAN ACADEMY

[@Krs759]

you're the best! thank you

[@dylanjcrow4856]

no i am

[@ja543543]

Look at the views in the first video and second. Thinking in clear statistic you can calculate that about 50k people shot themselfs after the first one xD

[@moustafachleilat6485]

Very, very helpful thank you so much!

[@nawabpoya]

thanks a lot Khan academy

[@donepudiaditya8236]

You are my God

[@naimapervaiz9258]

very well explained. thanks a lot

[@HelenRawrBaby]

can you do a video on calculating the elasticity of demand with the total outlay method?? it's much simpler

[@dirtbikeboyz]

what would each of these mean for a company that wants to raise its prices?

[@catherinefinley1241]

So what is the intuitive reasoning here?Like why do the consumers tend to become unresponsive as output is higher and price is lower?

[@iagosoriano3734]

+Catherine Finley I believe it is because as price is already very low, people are buying almost as much of that product as they want, consurmers are already getting almost as much as they would get if the products were free. That's why a small change in price doesn't make people rush to stores to get more, because they are nearly satisfied already.

[@catherinefinley1241]

+Iago Soriano Oh yeah, that makes sense, thank you.:)

[@akshatsgupta895]

Everything is clear but why is the average taken when it is clearly % change in quantity demanded ie new Q - old Q/ old Q * 100

[@arjunnannvasanthakumaran134]

this not khan some American teacher

[@AdenoidHynkelThe2nd]

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[@Donflip30]

LOL, nice one ja

[@Kelpy]

you should discuss the trends here, instead of focusing so early and in such a detailed way on the math, this is supposed to be helping us understand the dynamces of economics, and instead it is a detailed lesson in arithmetic -- unusually bad video for Kahn, just like the prior one

[@dylanjcrow4856]

Kelpy Completely disagree. He is teaching mostly to people who will need to know both the concepts AND the math. Both are important, and he does a good job at explaining both.

[@amansrivastava8978]

I too believe that he should be more focused on drawing conclusions and giving out the bottom line.

[@dylanjcrow4856]

i don't care what you believe

[@piprod01]

Is this actually telling us something interesting about economics? Or is it just saying that's just how percentages work? All I really get from this is the rather obvious fact that with an amount change if you apply it to a big number then it far less of a change than if you apply it to a smaller number.

[@444zane3]

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[@uniconism]

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