sometimes i wonder why i pay a lot to go to uni and not learn a thing when i could easily come here and learn A LOT for free, thanks for making my life easier!
Because the structure of society is already setup so we must have an education to get a better job. I hear people say this all the time. At work someone said why should I get an MBA, that stuff is too easy. Well that is not how the world works, just follow the social structure it is setup so that education leads to a high standard of living.
You can choose to go against the societal framework in obtaining a job through college but the majority will find this puts them at an uphill disadvantage.
Good explanation but could you please clarify on culculating % change using the midpoint method bcoz it gives totally different values changes from the other method,supposed to be 50% change on price and 38% change in quantity.
Elasticity = (change in quantity / average between start and endpoints in quantity) / (change in price / average between start and endpoints in price). The word "average" in this equation could be replaced with the word "midpoint" to think about it geometrically. This should make sense since most people learning economics have and should have taken a geometry course. When you find the average between two numbers you are finding the midpoint between those two numbers on a number line. The equation for the average between two numbers is the same for a midpoint between two numbers is the same.
Hello, I am an economics teacher and this video has caused one of my students to use the mid-point when doing a % change, but this means that his answers for a multiple choice set on Kognity are wrong, and he would also be wrong if answering any of the IB HL questions if using the mid point, may I ask who this video is aimed at? As I believe using the mid point is going to cause a lot of confusion!
if quantity supply changed from 10 to 16 then the % change in quantity is 60%. As for price the change is from 1 to 2 then the % change in price is 100%.
Ok. So Sal used something called the Midpoint equation. Basically, you average the two points and use that as the change. In this case, he did (1+2)/2. That gives you 1.5. Now 1.5 is 1.5 times 1, so the change is 1.5.
I'm a bit confused about that. If i use the total number as a base, I'll get a different number (0.75). If i Use p/q * 1/slope that also gives me 0.75, so what is correct?
Can you guys help? Identify the relevant elasticity measure and then calculate. Increasing demand for condominiums in metro vancouver has raised average prices from $250,000 to $300,00 over the past 5 years. In reaction to the price increases, developers have been building more condominiums, which has increased the number of condominiums in metro vancouver by 12% over the last five years.
Answer To analyze the situation of increasing demand for condominiums in Metro Vancouver, we need to identify the relevant elasticity measure and calculate it. In this case, the relevant measure is the price elasticity of supply, as we are examining how the quantity supplied of condominiums responds to changes in price. The price elasticity of supply for condominiums in Metro Vancouver is 0.6. This indicates that the supply is inelastic since the elasticity is less than 1. This means that the quantity supplied of condominiums is relatively unresponsive to price changes over the past five years.
![Lethal Company Music Video 🎵 "Follow The Orders" [VERSION A]](http://i.ytimg.com/vi/QeooZB4Z7RA/mqdefault.jpg)
sometimes i wonder why i pay a lot to go to uni and not learn a thing when i could easily come here and learn A LOT for free, thanks for making my life easier!
Because the structure of society is already setup so we must have an education to get a better job. I hear people say this all the time. At work someone said why should I get an MBA, that stuff is too easy. Well that is not how the world works, just follow the social structure it is setup so that education leads to a high standard of living.
That is a very pessimistic view on society..
+john Young smh
You can choose to go against the societal framework in obtaining a job through college but the majority will find this puts them at an uphill disadvantage.
Obviously
I wish this guy could replace my prof. This guy actually knows what he is doing.
Good explanation but could you please clarify on culculating % change using the midpoint method bcoz it gives totally different values changes from the other method,supposed to be 50% change on price and 38% change in quantity.
it's a bit confusing using the mid point if not properly explained or shown.
I'm confused at the midpoint thing you are doing.. as that isn't the percent change in the price or quantity??
Elasticity = (change in quantity / average between start and endpoints in quantity) / (change in price / average between start and endpoints in price). The word "average" in this equation could be replaced with the word "midpoint" to think about it geometrically. This should make sense since most people learning economics have and should have taken a geometry course. When you find the average between two numbers you are finding the midpoint between those two numbers on a number line. The equation for the average between two numbers is the same for a midpoint between two numbers is the same.
hallelujah! thanks so much seriously! you're a life saver!!!!!!!!!!!!!!
Hello, I am an economics teacher and this video has caused one of my students to use the mid-point when doing a % change, but this means that his answers for a multiple choice set on Kognity are wrong, and he would also be wrong if answering any of the IB HL questions if using the mid point, may I ask who this video is aimed at? As I believe using the mid point is going to cause a lot of confusion!
It's not that its aimed at anyone, in particular, it just an effective way of finding a change with a simplistic graph.
Ok boomer
ok boomer
okay boomer.
Why are y'all replying in this way it's very disrespectful. She was only asking a genuine question and so politely at that
Still need this in 2021 🔥
if quantity supply changed from 10 to 16 then the % change in quantity is 60%. As for price the change is from 1 to 2 then the % change in price is 100%.
Ok. So Sal used something called the Midpoint equation. Basically, you average the two points and use that as the change. In this case, he did (1+2)/2. That gives you 1.5. Now 1.5 is 1.5 times 1, so the change is 1.5.
I'm a bit confused about that. If i use the total number as a base, I'll get a different number (0.75). If i Use p/q * 1/slope that also gives me 0.75, so what is correct?
I find this quite a little bit more understandable than the other one I watch
So the formula percaentage change in Q over percentage change in P just literally isnt the formula if youre using weird calculations right?
thnxxx a lot u saved me.............my xam went excellent
wait im sorry but how did you get 1.5 as the change from 1-2...? please someone explain! thank you
Can you guys help?
Identify the relevant elasticity measure and then calculate.
Increasing demand for condominiums in metro vancouver has raised average prices from $250,000 to $300,00 over the past 5 years. In reaction to the price increases, developers have been building more condominiums, which has increased the number of condominiums in metro vancouver by 12% over the last five years.
Answer
To analyze the situation of increasing demand for condominiums in Metro Vancouver, we need to identify the relevant elasticity measure and calculate it. In this case, the relevant measure is the price elasticity of supply, as we are examining how the quantity supplied of condominiums responds to changes in price.
The price elasticity of supply for condominiums in Metro Vancouver is 0.6. This indicates that the supply is inelastic since the elasticity is less than 1. This means that the quantity supplied of condominiums is relatively unresponsive to price changes over the past five years.
I mean why for the unit elastic demand curve convex to the original but for unit elastic supply curve is a normal supply curve
This helped me. Thank you.
thank you khan
why different principle for unit elastic of demand and unit elastic of supply while other else are the same
ty
perfectly elasticity 5:00
Has anybody told you. You sound like Joe Swanson from Family Guy 😊
Thank you
Isnt the formula for calculating the change in price is (p2 - p1 )÷p1? Sorry im so confused
There's 3 formulas
thanks
thank you so much
THANK U LORD FOR U
Amazing! keep up your great work...Can I buy your a beer or something. Lifesaver!
+gideonkyle5 I think he has gone past those days. These days he has dinner with Bill Gates :)
does anyone know what software is being used to draw this?
how is a price increase from 1$ to 2$ a 67% increase isn't that just double so 200% increase??
if it was double, it would be 100% increase
First. haha always wanted to do that. Thanks for all the awesome lessons!!!!
the gap of his sub count, view count and like count numbers are huge
you're just good guy greg :P
knew this was coming....
Sal you are awesome
We're Thinking about corn
wheat? why not produce weed?
was is 1 + 2 = 3 divide that by 2 lol i dont know
1.5
2015 WOOOOPPPP !!!!!
😵Confused
offvvv Supppplaaey :D
Where's that sexy calculator?
Thank you