Price Elasticity of Demand I A Level and IB Economics

This video looks at the basics of price elasticity of demand (PED) and the factors that influence the coefficient of elasticity.
#aqaeconomics #ibeconomics #edexceleconomics
VIDEO CHAPTERS
0:00 Introduction
0:10 What is Price Elasticity of Demand?
0:43 Numerical Values for Coefficient of Price Elasticity
1:46 What factors determine the PED of a product?
4:15 Price Elasticity of Demand and Total Revenue
5:53 Inelastic Demand (Ped 1)
7:41 Perfectly Elastic Demand (Ped = infinity)
8:05 Unitary Elastic Demand (Ped = 1)
8:34 Co-Efficient of PED along a linear demand curve
9:52 Usefulness of Price Elasticity of Demand for Producers
11:58 Critical Awareness: Limitations of Elasticities

[@tutor2u-official]

We have some great free study resource collections for A level Economics and IB Economics - click here www.tutor2u.net/economics/collections

[@bubbacalling]

Oh my god now I remember why I got a D at A2 in 2004. The thing is with Economics, you either get it or you don't. It either interests you or it doesn't. I got BBB (very close to AAB, missed by a few marks in 2 subjects) in my other 3 subjects which were French, Music, History,, but I just couldn't get my head around this stuff at all. I found it very, very dry indeed. But many congratulations to anyone who gets a decent grade in Economics - it's a well respected subject especially when applying to uni.

[@EternalShadow1667]

Welll, it is possible to basically shove yourself through. As in, you can hate the subject, but work as hard as you possibly can on it. You’ll have to study much harder compared to someone who enjoys the subject, but you’ll see results. It is pretty painful though.

[@bubbacalling]

@@EternalShadow1667 Yeah partially agree, I probably didn't do myself any favours doing 4 A-levels either.

[@joshuamak9930]

I think maybe a few pictures to show the real world examples of price elasticy of demand would help since the concept being taught has a real world application to things that people already are aware of. Other than that based off of just words and some graphs this is as good as it can be.

[@notamberlee]

unbelievably helpful, thank you 🤍

[@christinathompson4309]

i’m doing gcse , so i’ll use your videos for stuff i recognise in my syllabus

[@monkey7558]

ok thanks for letting me know i'll let the fbi know

[@samrat_chaudhary]

Thanks it is easy to understand.

[@shiyuru9943]

I subscribed immediatly after I heard your gorgeous accent Lmao

[@md.mahedihasan4974]

nice

[@iDartmoors]

6:28 is quantity meant to be the other way round?

[@errico3]

i think so too...

[@monkey7558]

na think ur mistaken ngl

[@arulkumaramritha4020]

Can u plz show the formula to find coefficient of ped please 🙏 😢

[@Ortfilms_studios]

Need other types of elasticity of demand

[@ss11111ss]

on the first set of data i got -2.5 instead of 2.5 because of the decrease by £2 i used -10 where did i go wrong?

[@fitlikemo]

Change in demand (25%) / Change in Quantity (10%) = 2.5

[@3amthoughts774]

I could be completely wrong here/you probably don't care anymore but they probably just ignored the minus which is what exams do so it's technically right but you don't always need the minus :)

[@20kdeaddogs]

correct: he states the COEFFICIENT is 2.5, meaning he is simply stating the number itself without the minus

[@rinked.6876]

You're supposed to ignore the negative sign when it comes to price elasticity of demand. It's common practice to do so. Economists conventionally refer to PED in absolute terms instead. A negative figure comes because of the inverse relationship between demand and price. (When price goes up, quantity demanded falls.. and vice versa).

[@aliyalateef5337]

PED is always negative due the inverse relationship of price and demand.

[@chewypiano7194]

is this playlist in order?

[@aijiaxiao140]

you know what? i don't think so, seems like unordered.

[@reecepowell9894]

Hi Alex how’s the revision going? x

[@monkey7558]

shit mate