AS-Level Economics Video 12 - Price Elasticity of Supply (PES)

[@ayeshakhaja1027]

Professors or instructors like Paj Holden, make microeconomics fun and interesting! Awesome visual aids and explanations. Thank you!

[@tinygoof]

Wish all teachers were like you

[@jojuna99]

Ohmygod I learned more from this 12 minute video than I have from my teacher the entire semester

[@bilalshiekh7706]

i like elastic chicken

[@Beyondthe_vlog]

U r beyond amazing

[@ashikaraj1291]

Thank you Sir, i really like your explanations.

[@danielwatieh4103]

Best Economics teacher ever no doubt! Thanks a bunch for those videos! BTW, how can I contact you in case I have some doubts etc.? The blog isn't working anymore.

[@Whiteyd12]

Thank you all of your videos have been really helpful!

[@xdarkbladerz1]

Thank you sir! Using your videos as revision to essay practices, in preparation for A-levels =)

[@iamym15]

love the sense of humour at the end xD

[@bangtongyik8723]

Fantastic! lecture I like it

[@azaraftimos9146]

Thank you very much. Very informative.

[@fabriceratna9161]

hope to see you in your next one man show!! :D

[@nirmalaroy4056]

Hi your video is really good, I felt if you draw the demand curve separately for all the elasticity it would be more helpful to the non economic students

[@zarfishankhan3306]

Legend.

[@tristenwilliams1320]

Hey Mr Holden! I love your videos and `I was just wondering, do your 28 videos cover the whole AS syllabus?

[@rapioullah]

+Tristen Williams nope, up until 26 its micro, half the syllabus

[@randomuser405]

"mature chicken " Nice concept he says hehe

[@Mochamamii]

Thank you

[@darinaakhmetjanova9783]

Hi, I am just wondering could you please explain how supply elasticity impacts to total revenue? I am from Melbourne and this question was appeared from exam paper. I couldn't find any answers to this question either from books or google. Everything is about demand elasticity and total revenue. Thank you very much!

[@botor5]

It doesn't. But if price rises and the supply is elastic you'll be able to supply more at a higher price so revenue will rise. If the supply is inelastic and the price rises you won't be able to gain more revenue

[@정세일-p1n]

Hi I'm korean student and your video helped me alot. For my current class, this video is recommended as supplement. So what I want to ask you is that one of my quize was about why supply commodoties like agriculture are inelastic to price. It was about picking up the wrong reason based on your video. The answer was that " It is not easy to change supply rapidly" I really cant understand this so asked TA about it thant what she say is that she changed the sentence in your video "It is not easy to change quantity of supplied rapidly" to that. I really cant understand this. She seems like to say that supply change is about movement of graph so not quantity change. But isnt it same? I mean supply means the quantity supplied and what makes the graph move is the change of quantity supplied at every price level, isnt it? If we call that change in supply, I cant understand those two phrase are different. sorry for my messy english and again, tank you for the easy to understand lecture. It would be my honor to get your elplanation. Thank you.

[@markbedford5240]

Supply is simply the amount of a good a firm is willing to produce at a certain price level, but PES is a measurement of how easily quantity supplied can change in response to a change in price. So for example if a firm producing toys sees a large increase in price and can increase output quickly and easily its likely to have and elastic supply. Agricultures normally used in the exams because even if there was a large increase in the price of wheat, a wheat farmer would be unable to react to the price change until the following year by allocating more of his land to wheat production, so the PES is inelastic.

[@vallykandhansomasundaram6463]

what could be the reason when the price elasticity of supply is infinite?

[@finisher489]

37 DAYS IS A MONTH AND A WEEK NOT A MONTH AND A DAY

[@soulsfood5691]

WHAT IS THE FORMULA OF PERFECTLY ELASTIC SUPPLY

[@Benmurphy263]

Why does the description say that its ideal for insomniacs?

[@ckvlzlvxch]

***** humorous implication that this video is boring and so would help insomniacs sleep.

[@Benmurphy263]

Thank you very much :)

[@bieberlishious6]

i like inelastic chicken