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Пікірлер: 123
@liamstake32762 жыл бұрын
I've been struggling how to find point price elasticity starting with an inverse demand function but this video has explained it incredibly clearly! Very helpful!!!
@EconomicsinManyLessons2 жыл бұрын
That is great to hear!
@baldaciousafro99116 жыл бұрын
Not all heroes wear capes...bless you.
@rohansoy26073 жыл бұрын
Joyner 🔥
@_chege._3 жыл бұрын
I struggled to understand this topic on my own for hours.... then I saw dQ/dP = -b and my life has officially changed, thank you so much
@kentjeremiah67113 жыл бұрын
Same😂Shit looks easy now
@EconomicsinManyLessons10 жыл бұрын
An example with a different functional form: Q = sqrt(3000) - P^2 dQ/dP = -2P Elasticicity = (dQ/dP) x (P/Q) = -2P x (P/Q) Plug in your values for P and Q in the above equation to solve for the price elasticity of demand.
@sayeedraihan46447 жыл бұрын
how these happens...can u plz tell me
@EconomicsinManyLessons11 жыл бұрын
Example 1: if the demand curve is Q = a - bP, then dQ/dP = -b. Example 2: if the inverse demand curve is written as P = a - bQ, then dP/dQ = -b, so dQ/dP = -1/b. In the price elasticity of demand formula, you always use the result from dQ/dP, which is the inverse of the slope of the graphical depiction of the demand curve (where P is on the y-axis and Q is on the x-axis).
@jcholsap3 жыл бұрын
That was bothering me also.
@pathan9093 жыл бұрын
Help me out
@pathan9093 жыл бұрын
Got one question... assume that the price of medicine increases from 10$to 12$ and the elasticity of demand 0.50. The quantity demanded was 500 scripts. What will it be now?
@SuperNuclearWinter3 жыл бұрын
Very helpful, you are helping me pass my Industrial organization class, Thank You
@XtremeKillah1019 жыл бұрын
4:04 LOL
@GalibFida7 жыл бұрын
man, kids are the best 😂
@BrownPen_BluePen5 жыл бұрын
he just casually ignores that, must be normal hahaa
@rime44794 жыл бұрын
lmfao
@mr.sthirbabusubedi15023 жыл бұрын
6.d. The demand law for family members of a sports club is given by P = 500 e^-0.01Q where P is the monthly fee. Determine the price elasticity when Q = 100. Discuss the case when Q100. solution please
@ryandoran4052 жыл бұрын
You're a legend, going to pound my maths exam because of you
@yourfriendvikash0013 жыл бұрын
Thank u so much sir .I was very worried about it but now u have solved my problem .And once again thank u sir
@timwzleung11 жыл бұрын
4:05 scared the shit out of me LOL
@CallistoAshus10 жыл бұрын
Thanks for the video. Much better than my textbook.
@amyxst11 жыл бұрын
shouldn't (delta Q)/(delta P) actually be equivalent to -1/b as opposed to -b? since p is on the y-axis, and q is on the x-axis?
@koko-86572 жыл бұрын
i hope you see this. in a case where you are asked to find the range of the price for which demand is elastic. what do you do??
@thembareallukhele47325 жыл бұрын
Nice work, very easy to understand. Thanks man.
@soultraveling.71715 жыл бұрын
thank you so much im from Pakistan, thanks for helping to solve my assignment
@amandachong68292 жыл бұрын
Thank you for the lesson! One suggestion I have is that you may wish to read out all of your equations that you have written down. This would be especially helpful for blind students like myself. Basically, just do what you were doing for the first portion of the video.
@cburakyilmaz43832 жыл бұрын
What is the main idea for elasticity of demand or elasticity of supply. I do not understand main idea.
@lukhelesibisi40617 жыл бұрын
One day I'll graduate and send you a cheque (or check in American)
@abysslumine99754 жыл бұрын
have you graduated now
@azizalbader3 жыл бұрын
It’s been 3 years :)
@ImB333 жыл бұрын
where that check at boy
@mohammeddhilber17092 жыл бұрын
Have you graduated now? Its 4 yrs
@debbie9.1612 жыл бұрын
Lmaoooo you won't
@safar198998 жыл бұрын
Very helpful video thanks so much.
@sonamheryan29405 жыл бұрын
Very useful video! Had no idea what derivative is before i watched this lol.
@smilebro100 Жыл бұрын
You are the best. Thank you once again 🤝
@EconomicsinManyLessons11 жыл бұрын
P = 10Q is a supply equation (I'm not sure if that is what you meant). The elasticity of supply is dQ/dP x P/Q (same as the elasticity of demand). If you take the derivative of P = 10Q, you get dP/dQ = 10. But since we need dQ/dP, we just take the reciprocal of 10 and get 1/10. Your answer then is 1/10 x P/Q and pluging in 10 for Q and 100 for P gives: 1/10 x 100/10 = 1.
@kevinwhite22605 жыл бұрын
so do we even need to take dervitaves?
@jessicabasukie56235 жыл бұрын
It's a very helpful video - now I finally understand my problem set!!!! Thank you so much!:)
@fatalconceit80612 жыл бұрын
did u go UoM?
@basticorrea32788 жыл бұрын
what happens when Price is decreased, but demand does not strongly increase?
@marianwasef32304 жыл бұрын
thank you, it was easy to understand .
@victorkam71510 жыл бұрын
Hello... I am sorry for asking this but what if the demand something like D=√3000-p^2
@BrownPen_BluePen5 жыл бұрын
the derivative of p^2 is 2/1
@kopanomoss57522 жыл бұрын
Wats the interpretation?If Ped is a negative when shud it be absolute
@jordantimlin17618 жыл бұрын
How do i figure out the price and income elasticity of demand from this equation... ln Q = 8.99 - 3.78 ln P - 1.77 ln M - 2.03 ln PR
@GalibFida7 жыл бұрын
Income Elasticity = (dQ/dI)*(I/Q)
@RAVIKUMAR-ky2rc3 жыл бұрын
Really helpful👍
@thaiduongo62992 жыл бұрын
this video made my day today, tysm
@ayinalemseyoum41084 жыл бұрын
Really thanks for you it's helped me a lot
@kuortayi74257 жыл бұрын
Bozz, you just make my work easy...bravo.
@nalinyvelayutham4385 жыл бұрын
yes..the video is very helpful. thank you very much.
@beatriceballardin30015 жыл бұрын
You just saved my life, THANK YOU!! Super helpful video!
@nasdymedia10 жыл бұрын
very helpful thank u so much.....god bless u
@memakhaan25774 жыл бұрын
How do u know that qd/qp = -b where did the a go??
@stephaniet13083 жыл бұрын
this is very helpful wow , thank you so much!
@dimsum-chaos2 жыл бұрын
Helpful. Thank you
@arpansigdel76003 жыл бұрын
You are now ready to play the part of the manager of the public transit system. Your finance officer has just advised you that the system faces a deficit. Your board does not want you to cut service, which means that you cannot cut costs. Your only hope is to increase revenue. Would fare increase boost revenue? You consult the economist on your staffs who has researched studies on public transportation elasticities. She reports that the estimated price elasticity of demand for the first few months after a price change is about −0.3, but that after several years, it will be about −1.5. i. Explain why the estimated values for price elasticity of demand differ. (2 Marks) ii. Compute what will happen to ridership and revenue over the next few months if you decide to raise fares by 5%. (3 Marks) iii. Compute what will happen to ridership and revenue over the next few years if you decide to raise fares by 5%. (3 Marks) iv. What happens to total revenue now and after several years if you choose to raise fares?
@mirreazuddin88438 жыл бұрын
if pq is equal to 16 then find out price electricity according to demand function*** plz solve it in no time...
@shubhamverma-uh6sq4 жыл бұрын
Thank you so much
@Awesome-sh7db3 жыл бұрын
This was very helpful thank you so much!
@kundakamilo54833 жыл бұрын
Very helpful thanx
@BossKiller-sk3nd7 ай бұрын
P=100-5x maximum demand (x) & maximum price (p)
@LeCassiopeia2 жыл бұрын
Hello :) Your Videos are super helpful. Micro Exam is in one week and I'm learning so much. Thank you! One Question: for one of our exercises we just have demand given and we should figure out the price elasticity. We don't get any cost function or any value for p. What would you do if you have this kind of problem? What I did was set Q to 1 an then solve for p. But that seems off to me.
@kundakamilo54833 жыл бұрын
This is great
@lila60299 жыл бұрын
Thank you so much for posting this video! Really helpful :)
@aam74864 жыл бұрын
Thank you
@lingvi4083 Жыл бұрын
Very helpful, tysm
@anshusingh53967 жыл бұрын
sir can you tell me why in straight line when we find price elasticity of demand at point, slope is ∆P/∆Q
@punaydang29485 жыл бұрын
because there is an inverse relation between slope and price elasticity(Ed) Ed=1/slope
@karolinesheefeni8121 Жыл бұрын
@@punaydang2948 thank you,, was stuck at this..
@preetypanwar91596 жыл бұрын
sir can u plz upload a video solving consumer and producer"s surplus mathematically.
@redwanism6 жыл бұрын
. If the demand function is p = (4 - 5x)^2, for what value of x the elasticity of demand will be unity? please help.....
@EconomicsinManyLessons6 жыл бұрын
Redwan Sarker The easiest way to solve this problem is to get total revenue: TR = px = (4 - 5x^2)x. Then take the derivative of total revenue to get marginal revenue. Next, set marginal revenue equal to zero and solve for x. When marginal revenue is zero, demand is unit elastic.
@redwanism6 жыл бұрын
1sportingclays sorry I wrote the wrong function it is p=(4-5x)^2 . Okay I'll try your method.
@saluu95734 жыл бұрын
thanks man, exam tomorrow you certainly saved me some marks.
@shawnk64907 жыл бұрын
I'm dealing with this type of question but I have to use a different equation. Mine is Q=D(x)=100^e-0.02x. The formula my professor wants me to use is E(x)=-(x•D'(x))/D(x). Does anyone know where I can find a video that will help me figure out how to get D prime?
@filoleon077711 жыл бұрын
Thank you so much.. your tutorial it has been very helpful
@khushboowadhwa33687 жыл бұрын
Thank u so much for this vedio.... This was very good
@jaceelyniaarquillanoiois39558 жыл бұрын
I've got headache with this numbers. how about if you have a formula like this? Ep=Q2-Q1/(Q1+Q2)/2÷P2-P1/(P1+P2)/2=
@GalibFida7 жыл бұрын
This is called the arc estimate of price elasticity. use this if you don't know calculus.
@redwanism6 жыл бұрын
. If the demand function is p = 4 - 5x^2, for what value of x the elasticity of demand will be unity? help if you know how to solve this...
@tarekkaram9348 жыл бұрын
Thank you so much , this video is very helpful
@acquaura44042 жыл бұрын
This is amazing, thank you so much!
@lv.qw10079 жыл бұрын
Thanks Sir, it really worked out for me but i still confused about how to determine whether the demand is elastic, inelastic or of unit elasticity?
@gagarine428 жыл бұрын
+Lv Qianwen E > 1 => elastic ; E = 1 => unit elastic; E < 1 => inelastic. But you right the video is more about how to calculate than what is elasticity.
@mariallejandra Жыл бұрын
THANK YOU
@CCTSPORTES11 жыл бұрын
Suppose it was P = 10q ; Q = 10 Would i times slope times the Q/P or the usual P/Q?
@brentso96 жыл бұрын
can you do an example with an equation that involves more variables?
@EconomicsinManyLessons6 жыл бұрын
This might be helpful: kzbin.info/www/bejne/g6myfp2gm5mhZ9k