Episode 16: Elasticity of Demand
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- Опубликовано: 19 сен 2024
- We know that consumers will react to price changes, but how MUCH will they react? Knowing this is important to business owners and policymakers.
"Episode 16: Elasticity of Demand" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
WHY CAN'T ALL ECON PROFESSORS TEACH LIKE THIS T___T YOU ARE AMAZING
+Mayugecat Hahaha. I feel you!
This explains the concept beautifully in 10 min compared to my teacher's 1 hour of explaining on class.Thank you!
Thank you on behalf of 400,000+ college students.
Bayilani Vidal LOL no kidding
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Just saved me as a nurse working through a healthcare economics class for my doctoral program. Thank you so much for your amazingly clear, engaging explanations and video!
This is so much more clear and easy to understand now! It's really just big words but with simple concepts. :)
Max Deyoung well done mate
I get so distracted by how cute the art in these videos is that I have to watch them twice to understand the concepts. great videos, thank you :)
I am an Economics teacher in Dubai, UAE. I would highly recommend this video not just for students but for teachers as well.!!! "You can never stop learning" and I just did after I viewed the video. Good work!!
The time you take in drawing all of those diagrams is really appreciated because it helps me understand it so much better. Thanks so much !
THANK YOU SO MUCH, this explanation is amazing and simple. thanks for the illustration and using complete sentences plus simple terminology.
Seriously, wish I had you as my professor. You have the ability to make something so complex into something very simple and easy to understand. I'm doing great at ECON thanks to your videos.
I'm studying engineering so these concepts are pretty far away from my zone of comfort: when I started looking at these things I had no ideia what they meant. Thanks to your video, I feel much better. Thank you.
The speed and clarity of your explanations suits me perfectly. Thank you
What makes this video superior to all the other economics videos on RUclips, is that they say the same thing the book says, by using Economic terminology to explain something confusing. you explain thing as if you understand the troubles of comprehending this material thank you.
You taught the lesson so well in couple of minutes that my university lecturers failed to do in a whole class . Hats off to you :)
I just love how I can't understand the majority of my 2 hr micro-economics lectures but I can understand it just fine in a ~10 minute RUclips video. I wish you were my professor!
Thanks for the video. Its a lot easier watching this than reading a textbook.
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Hi, Thank you so much for putting this up! I was really struggling with my assignments due to the technical jargon in the textbook, but your explanation is so easy to follow and informative! I am well on my way to finish the assignment! Thanks again!
Thank you! This was extremely helpful! I took micro and macro econ in college, did really well in both, but 6 years later I'm taking a graduate level econ class. I have to say you explained it better in 10 minutes than the professor did in an entire lecture! Thank you :)
I'm currently taking my masters in business and this video was truly an exception teaching aid. It made my understanding so much better.
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I did not know this stuff could be this easy as well.
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@Mrbalaatyt That would be the midpoint formula of elasticity -- the issue is that if you calculate the elasticity from point A on a demand curve to point B on a demand curve you will get one value; if you calculate from point B to point A, you will get a different value (because you've changed the denominator). The midpoint formula resolves this (OK, it kind of fudges it) by calculating the AVERAGE of the new & old: (old + new/2).
I appreciate the concrete examples from the news, the anti-teen smoking price increase and the NY milk price floor in Episode 15 -- it's helpful to see the complexity and unintended consequences of implementing these theories. Thanks for these great videos!
This was so helpful right now!! Very easy to follow and explained very well!!
Thank you so much I learnt a lot and your usage of examples is excellent
As many times as I have taken an economics course, your video has by far been the clearest, well explained and interesting. Great video!!!
Thank you! Really. Before watching this, I didn't understand absolutely nothing about Elasticity and you made it so clear!
I love this, all of these vids in this playlist. BIG THANK YOU 🙏🏽
This is the BEST, so many examples which are GREAT...
Thank you, easy to understand. Trying to follow my Econ instructor is like a dog trying to follow Hawking explain Quantum Mechanics.
Im in college Econ and this was so much more helpful than how my professor explained it. Thank you.
Me, too. I recorded elasticity as "having more choices" in my notes from lecture, which does nothing for my understanding. This video is great.
You are a very good and LIVELY Economist. Because you teach fast with animated and simple illustrations which helps us understand more and clearly about the topics that are given in our economics Class. :) 5 stars for you.
Lady... YOU ROCK!!!! Thanks for the video!
So much better than our arrogant Economics teacher. Ugh >_
Steven Cookie you said it!! ours always asks us questions when we dont even understand her discussion
lol we must have the same ECON teacher guys. that's why we're here!
Guys can i join ya
This is an awesome video, the other two I looked at were TERRIBLE! Thank you for making such an accessible video!
it is quite clear for me! thanks a lot
I wish my math teacher would explain the concepts behind all these formulas that we're learning lol
It pisses me off so much to not know why the f I'm memorizing these formulas and practicing them without actually knowing what exactly its used for,
thank you for making this video to explain it so simply
most other youtube videos explain in the boring way possible
I keep thinking the same thing xD
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Better than my teacher. Thanks a lot. Keep up the good work
That was a great explanation for elasticity. Thanks so much!
wooo this video spoke to me with clearity and understanding! I am a visual learner and this video really made me see clearlly
Outstanding presentation! Thank you so much for the clarity, I'm now better prepared for my assignment.
OMG!!! breath-taking explanation....kindly continue..
This is really helpful. It is a lot easier to understand than how my lecturer puts it.
Love these illustrations! Great explanation.
The formula where averages of quantity and price formula was used is the formula for arc elasticity of demand. As you know there are many methods of measuring elasticity of demand like point elasticity, cross elasticity, income elasticity, arc elasticity. Point elasticity is used in case when the change in demand due to change in price is small, but when the change in demand due to change in price is a little higher, arc elasticity formula gives more accurate result. Hope you understood my point
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+Daniel F You spell 'metaphorical' right but not road?
i was brain dead man
+Daniel F lol fair enough then. Don't work too hard!
Thank you for bringing so much clarity to the topic!
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Watched one video and I can tell these are so much better than my lecture notes
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Great video! Very easy to follow!
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now I understand what is elasticity of demand..... Thnx..
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Outstanding, this totally makes sense to me now.
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This is nice. It helped me understanding intuitive meaning of elasticity. !!
I didn't have time to read this chapter. But I'm more prepared than my fellow classmates now. thank you.
Thanks for this vid! I have a economy test tomorrow, this made it a lot clearer!
Thank you so much, I just realize what is elasticity of demand. It is so difficult to understand from my lecturer.
very helpful for my final literally saved me so much time !!
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i love your presentation. you simplified this so much for me, i'm so thankful. it was a headache trying to understand it on my own with these over-complicated textbooks. Thanks and keep em coming!!! can you do a presentation on Government policies ie. taxes, floors and ceilings, GDP.. that kind of stuff?
Great explanation... and I needed a refresher!
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What a great explanation. Thank you so much!
The elasticity formula is not wrong. The issue is that, if you want the elasticity between two points, the value will differ depending on which endpoint you start with. For this reason, economists use this "Midpoint Formula" for elasticity.
Thanks for this video! I need to understand this for my economics class and you explain it quite well. I'm still confused by the math part, but I feel that I have a pretty good grip on what it is now.
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Great video! My only question is what does the elasticity number tell me about people's responsiveness? When the number is negative does that mean people are less likely to stop buying and vise versa?
very nice and very helpful. Thank you :)
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thanks this is so much better den my economic lecture