I have Wasted Coaching Fees Rs. 40,000. But I don't have Understand anything from my Tuition but this Channel helps me a lot. It is much better than any Courses or Tuition etc.
wow. interesting and SOOO much better than whatever my microeconomics was trying to explain in a 2 hour lecture. this was clear and to the point. thank you so much!
This is so goood! I was reading my textbook and had no idea what was going on. Look at your video and I get it; I feel as if I don't need to memorize as I get it. Thank you so much!
Well it's a 50% increase if you think that 50 cents are 50% of a dollar, instead of viewing this as 1 dollar is a 100% increase of 50 cent. But that's just the way they you look at it.
Thank you so much! Your explanation and examples make it so easy to understand the concept of Elasticity. I was reading the textbook and it didn't make sense, but watching this video clarifies the concept of elasticity.
I really like your videos. They have helped me alot. However, changing the price in toothpicks from fifty cents to a dollar is a 100% increase. 50% increase would be seventy-five cents.
Thank you for a great lesson, this can not only work in real life, but also in a game like Runescape that have its own marketplace, like food supply and weapons were food is elastic and weapons are less elastic.
$0.50 to $1.00 for the price of toothpicks is a 100% increase in price, not 50%. Just to illustrate that it's an even larger price increase than you stated, and still it isn't considered a big deal.
Thank you so much…i keep commenting ..as want such pedagogy should reach out to maximum and they can gain more with less effort…Consumer optimisation 😎
+Shiv Shanker You should review some of the videos from earlier in the course. We begin by covering the demand and supply curves, and equilibrium price. These should help with your homework. Good luck! - Meg (Link: ruclips.net/video/7eZcPs9z9OA/видео.html&nohtml5=False)
It's honestly infuriating that the x axis (input) is quantity sold and the y axis (output) is price. Who the F did that bit of ass-backward reasoning? I have to reverse all of my intuitions about how to use the supply and demand curves. You guys even say "price causes a change in quantity demanded" because that's absolutely the common sense way to think about it. You have direct control over the price and only indirect control over the quantity demanded via the price. But my brain is wired from a decade of math class to look to the x axis for the input (which would be PRICE) and the y axis for output (which is QUANTITY).
"Although it is normal to regard the quantity demanded and the quantity supplied as functions of the price of the goods, the standard graphical representation, usually attributed to Alfred Marshall, has price on the vertical axis and quantity on the horizontal axis." en.wikipedia.org/wiki/Supply_and_demand ALFRED MARSHALL
Continue learning with practice questions: mru.io/sxs
This man just summarised an entire chapter of my textbook in 14 mins
This channel is highly underrated! The concepts are taught in such a simple and lucid manner. Absolutely brilliant 👏
I enjoy and understand these lectures more than my microecon class. Thanks for the help.
Dear Alex, the fact that you are an Iranian not only makes me more thankful but proud too.
love and respect from Iran
Absolutely brilliant. These guys are tons better than the economics courses I normally use for school.
I have Wasted Coaching Fees Rs. 40,000.
But I don't have Understand anything from my Tuition but this Channel helps me a lot.
It is much better than any Courses or Tuition etc.
wow. interesting and SOOO much better than whatever my microeconomics was trying to explain in a 2 hour lecture. this was clear and to the point. thank you so much!
He's the best lecturer of economics.
You deserve 5* rate!
This is so goood! I was reading my textbook and had no idea what was going on. Look at your video and I get it; I feel as if I don't need to memorize as I get it. Thank you so much!
so good! I'm studying for my mid term. I didn't understand a bit from my professor. So grateful... Thank you.
Another great video!
11:53 "Consumers probably won't even notice whether toothpicks are 50 cents or a dollar. That's a 50% increase in price..."
:O
+Martin Epstein from 50 cents to a dollar that`s 100% price increase, as far as I`m concerned
Well it's a 50% increase if you think that 50 cents are 50% of a dollar, instead of viewing this as 1 dollar is a 100% increase of 50 cent. But that's just the way they you look at it.
Thank you so much! Your explanation and examples make it so easy to understand the concept of Elasticity. I was reading the textbook and it didn't make sense, but watching this video clarifies the concept of elasticity.
This video has helped me so much with my project so glad I found this
I'm in the best business school in France, and this teacher is by far better than mine. Where is all my money going to ??
Thank you! My instructor needs to take lessons from you. =)
Thanks very much I've got a lot,than my University. Teacher,Be blessed,
This guy brings relief to my studies
Very useful teaching methodology for beginners like myself. Hope brief notes will be available for further reading and reference
thanks for you supports young economists and also i thank for your effort that paid the economics...
I really like your videos. They have helped me alot. However, changing the price in toothpicks from fifty cents to a dollar is a 100% increase. 50% increase would be seventy-five cents.
It will be clear in the next video actually he used the average to calculate percentage changes
two hours untill exam lets go thank you for this great video
Did you pass or fail?
You just saved my life before the exam thank u
I really understand and achieve more knowledge than i think.Thanks
Mian Salman Microeconomics class 12 CBSE 2018 ruclips.net/video/h2H6KSfzfAc/видео.html
This was an excellent lecture.
Thank you for this... very very helpful... clearer understanding!!!!
Thank you for a great lesson, this can not only work in real life, but also in a game like Runescape that have its own marketplace, like food supply and weapons were food is elastic and weapons are less elastic.
i'm taking introduction to economics in my university and took me less than 30 mins to be ready for my exam thank u very much
You guys the absolute best!!! Wow u saved me. Thank you
I am loving these videos! Thank you for posting!
Well explained .Thanks for posting!
Great videos. I learned what I needed to learn. Thanks for posting
Thank you so much for this video! can you write down the answer steps for the practice questions please? Thank you in advance
$0.50 to $1.00 for the price of toothpicks is a 100% increase in price, not 50%. Just to illustrate that it's an even larger price increase than you stated, and still it isn't considered a big deal.
I DEMAND more
Now it is all clear,,,,,,,,,,,,,,,,,,,,,thank u sir.
this class is better than physhical class..
wonderful content an easy to understand explanation. Thank you!
Thank you Prof Alex Tabarrok!
Beautiful intro to elasticity of demand...
Thank you for the clear explanation
Great tips!... Keep uploading thank you!❤
This video was so helpful
Thank you so much…i keep commenting ..as want such pedagogy should reach out to maximum and they can gain more with less effort…Consumer optimisation 😎
Thank god and thank you for making it easy.
I love your channel!
Thanks for your hard work ! Isn't the answer for After an economic boom, will the demand curve for TVs be more elastic or more inelastic? more elastic
that sounds so helpful. thanks
thanks sir..
I have a question that my teacher asked me..
the question is that "why price is on y axis and quantity of demand is on x axis"??
+Shiv Shanker You should review some of the videos from earlier in the course. We begin by covering the demand and supply curves, and equilibrium price. These should help with your homework. Good luck! - Meg (Link: ruclips.net/video/7eZcPs9z9OA/видео.html&nohtml5=False)
Marginal Revolution University thanks sir
thank you,you helped me a lot
The narrower the classification the fewer substitutes and the more elastic the curve
It's one of those foundational concepts
On the elastic demand curve , the quantity demanded is more responsive to the price than it is on the the inelastic demand curve
Awesome info.
Please explain total outlay method and ARC elasticity of demand
Now I wonder why I didn't understood from this man... the whole year is wasted eh! 🙂
thanks for the videos!
great video again wow!
awesome guy very helpfull
the reponsiveness of demand to a change in price
Thank you for your videos
Thank you for the help.
Thank you so much love you ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️
thanks a lot sir!! helped much :)
Thanks for nice video .
Well understood
Thank you ❤
helps a lot thank u so much
Thank you sir.
Thank you sir for such a simple explanation!!!
11:53 - from $0.5 to $1 it's a 100% increase. Sorry! Just trying to look smart here.
iliq haresva tova!
Thank you.
Masterpiece teaching five star
Thank you!!!
Thank you
The quantity is changing a lot in response the price
4:43
awesome!!!
Ethiopian coffee, elastic demand loved
very thanks
is there any pdf file copy for this video ?
No, there's just the video. Sorry about that! -Meg
How bout we get working on it. Sorry about that!!
+centexn relax
fantastic
thanks alot
Toothpicks increase in price from 0.5 to 1 is a 100% increase in price isn't it?
yes but its a relatively small increase to a consumer, thus the quantity demanded will not change.
I would bargain when the purchase is a large fraction of the budget
It's honestly infuriating that the x axis (input) is quantity sold and the y axis (output) is price. Who the F did that bit of ass-backward reasoning? I have to reverse all of my intuitions about how to use the supply and demand curves.
You guys even say "price causes a change in quantity demanded" because that's absolutely the common sense way to think about it. You have direct control over the price and only indirect control over the quantity demanded via the price. But my brain is wired from a decade of math class to look to the x axis for the input (which would be PRICE) and the y axis for output (which is QUANTITY).
"Although it is normal to regard the quantity demanded and the quantity supplied as functions of the price of the goods, the standard graphical representation, usually attributed to Alfred Marshall, has price on the vertical axis and quantity on the horizontal axis."
en.wikipedia.org/wiki/Supply_and_demand
ALFRED MARSHALL
If the price of a toothpaste goes from 50 cents to a dollar , it will be 100% change in the price... Not 50
There would be more Sprawl if the price is low
Linear
Small items, in the short run , more inelastic
why?
thank uuu
People in Europe adjusted due to taxes
Can one become an economist without maths?
👍👍💜
Where is the calculus. I need to understand those derivatives common bro, pls . That’s fake microeconomics.
Do monopoly
Subsidy
me gusta
Generic aspirin
Ethiopia
Toothpick
ρ π Δ β