Elasticity of Demand and Supply Coefficients- Micro Topic 2.4 and 2.5

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  • Опубликовано: 29 окт 2024

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  • @ryanmoorcroft2868
    @ryanmoorcroft2868 9 лет назад +228

    I have just understood more in 7 minutes than i have in several classes... Thank You!

  • @valentinaacosta2493
    @valentinaacosta2493 10 лет назад +58

    I have a college exam on micro tomorrow. I've been studying this concept for 2 weeks now and this guy is the only one that nailed it. awesome video!

  • @Eilrahczero94
    @Eilrahczero94 10 лет назад +46

    30 pages worth of information explained in 7mins. Great video and the concepts were explained well.

    • @TimVolkovPhD
      @TimVolkovPhD 10 лет назад +5

      maybe the guy should run a college of his own? )

  • @amandaharvey249
    @amandaharvey249 9 лет назад +8

    These is literally the best videos I've come across to explain my college level Microeconomics course. I felt incredibly incompetent when learning this at first and coming across your videos have explained everything crystal clear. The way you explain things makes everything actually make sense! You're a phenomenal teacher! Thank you so much!

  • @ramoftherose
    @ramoftherose 10 лет назад +7

    Literally don't know 3 chapters worth of Economics so I don't understand any new lessons my teacher is teaching me. This helps. Like alot. Thank you Mr.Clifford.

  • @Bobzorfish
    @Bobzorfish 7 лет назад +3

    You are a Economics king, god bless you Mr. Clifford. Now I think I'll pass my exam this morning. Thank you, you are a gentleman and a scholar.

    • @thatoneguitaristgirl
      @thatoneguitaristgirl 3 месяца назад

      did you pass? it’s been six years and you’re probably in college but i’m curious :)

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    @Sustainabites-vo5nz Год назад +1

    OMG!!! Where was this video before??? Solved all my queries and helped me more than what ChatGPT, Bard, and Bing AI Chatbot could, plus my teacher too

  • @noobhi1249
    @noobhi1249 Год назад +2

    even though this video was already 12 years old, it still give me the best explanation ever for micro in 7 minutes than any other video

  • @mis_korkoiarmah4323
    @mis_korkoiarmah4323 8 лет назад +34

    i am getting demand and supply now. thank you very much, God bless you for what you are doing

  • @jacobrosa7653
    @jacobrosa7653 8 лет назад +12

    made a ton more sense than the 45 min mit lecture, thank you

  • @Torresisabel
    @Torresisabel 11 лет назад

    You have just saved my life. My assignment is due today and I was struggling a little trying to understand this. Now that that the basics are clear I will be able to make more sense of my readings. Thank you so much.

  • @gloriaa0214
    @gloriaa0214 9 лет назад

    God bless you Mr.Clifford!!!!! This stuff can get so confusing but you really make it easy to understand and most importantly engaging and interesting. Thank you sooo much, you save my life many times!!!

  • @Colbat45
    @Colbat45 8 лет назад +8

    You explained the first two chapters of my masters course in language I can actually understand. Thanks!

  • @markjarman4267
    @markjarman4267 9 лет назад

    You are literally saving me, I just figured out I write 2 tests tomorrow and I haven't started for either. Thanks so much for the vids you are a life saver!!!! big thumbs up

  • @samandcory7536
    @samandcory7536 8 лет назад +5

    These videos are great for helping me study. I've taken Economics since highschool and sometimes I still don't get the concepts. ACDC Economics helps me understand econ just a little bit more! Thanks!
    P.S: If you're not too busy, I think remaking this video with your new technology / film style would be great.

  • @noviekcagustines4296
    @noviekcagustines4296 7 лет назад

    Thank you sir. Tomorrow's our midterm exam and our professor has his complicated way on explaining this lesson. This was a great help to us filipino students. Thank you! :)

  • @isabellashatova4416
    @isabellashatova4416 10 лет назад +9

    you popped out like a miracle right before my micro exam, thank you so much for this video! :)

  • @JacobAClifford
    @JacobAClifford  11 лет назад +13

    Sorry vydo5454. I have a condition called isuckatspellingitus. I've had it everr sinse I was a litle kidd. I use to be self-consious abuot it butt now I dont give a crap.

  • @woodyt361
    @woodyt361 12 лет назад

    Thank you..Finally some one who teaches and explains, Unlike my teacher who can barely speak English or explain in terms people know

  • @zackattack7967
    @zackattack7967 8 лет назад +2

    best econ teacher in the world . I bought the review packet !

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    @anirudhgoyal5161 10 лет назад +69

    You remind me of Mark Cuban.

  • @CarterMermer
    @CarterMermer 8 лет назад

    i was scared for my micro test but after watching all of your videos for ch 2 and reading your powerpoints, i feel so confident. Thank you!!!!!

  • @amiaries24
    @amiaries24 6 лет назад

    I understand you more then an entire month in class. Please comeback to videos like this, on the latests videos you “run” to much Thank you!!!!!

  • @xMonstaaaR
    @xMonstaaaR 10 лет назад +9

    You sir, is a life saver, thank you for the videos and your efforts to help us students. I have a test tomorrow on Micro, Good Luck to all whom are taking the exam tomorrow :D

  • @saranghaetohyuk
    @saranghaetohyuk 13 лет назад +1

    Thank you so much! So simple to understand. I feel a lot better about this topic now. My final is tomorrow and I understood it when we first learned it... I just needed some brushing up. Thank you!!!!!!

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    @sachitraweeraratne9236 8 лет назад

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    @jennykelly8276 7 лет назад +2

    I understand the concept so much better now. Thank you for these!!!!

  • @hgdmtab0032
    @hgdmtab0032 5 лет назад

    Thank you, I got 82% on my 1st test because of you. Thank you

  • @jakejohnson5653
    @jakejohnson5653 10 лет назад +4

    Seriously you are a better teacher than my accredited MBA professor....

  • @cameronluscombe
    @cameronluscombe 7 лет назад

    This really was helpful. I studied for my last exam using your videos to explain concepts and got a 98. Thanks for the work you do!

  • @marcbourbeau485
    @marcbourbeau485 7 лет назад

    My prof for Managerial economics (MBA class) is pointing us to these videos. really great explanations, thank you.

  • @tuanhoangnguyen4784
    @tuanhoangnguyen4784 8 лет назад +3

    the best channel for microeconomics so far

  • @iluvgeet
    @iluvgeet 8 лет назад +1

    My midterm is in 2 weeks, I thought I was going to fail this course and now everything is making sense :') thank you so much!! -University of Toronto St. George campus student :)

  • @thebeatles9
    @thebeatles9 8 лет назад

    You inspire me to be a better tutor! I actually already do a bunch of the stuff you do like "OMG what is this craziness?? AHhh!" Then I'm like "Well, no, actually, once we break it down a bit it's quite easy."
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  • @Maxwellfilm16
    @Maxwellfilm16 10 лет назад +1

    I WOULD NOT HAVE GOT AN A AT AS LEVEL IF IT WASNT FOR THIS DUDE! ABSOLUTE LEGEND

  • @maryannsanagustin7023
    @maryannsanagustin7023 3 года назад

    thank you! been reading the chapter for hrs but you explained and made it clearer in 7 mins!

  • @bac18hockey
    @bac18hockey 12 лет назад

    skipped 2 hours of class and learned everything in this 7 min video. thank you Mr. Clifford

  • @starfire139
    @starfire139 10 лет назад

    I hope I remembered this correctly because there were a few questions on this today.
    All I can say is that basically the only questions I got right on the AP test were because of you. So thank you! (If I ever take macro or totally failed micro today and need to take it in college, I'm definitely finding you again because you rock.)

  • @elizabethmorales5680
    @elizabethmorales5680 10 лет назад +1

    Awesome video, I have been reading for and entire week almost none stop just to learn what has been explained in minutes...thanks.

  • @markyjoe1990
    @markyjoe1990 6 лет назад

    This is so much more helpful than my $84 textbook.

  • @tomaotgirl
    @tomaotgirl 12 лет назад

    THANK YOU!! i was reading my textbook about this concept and nothing goes into my head at all, now i understand :D

  • @tinado9233
    @tinado9233 9 лет назад +4

    You are the best teacher .Thank you for helping me in economics subject

  • @noora8023
    @noora8023 11 лет назад

    you are so good at teaching this in such a short time!!!! my professor has no interest in teaching at all!!
    thank you!

  • @riachriistopher495
    @riachriistopher495 8 лет назад +2

    :) I wish you were my full time lecturer..You rock!!!

  • @MrJaredMazin
    @MrJaredMazin 12 лет назад

    thank you so much i have a big test on this tomorrow and was very confused. You made it very easy to understand.

  • @skiman2311
    @skiman2311 6 лет назад

    SAME HERE!!! Learn WAY more from his short videos, than a 3-hour college class.

  • @DemahInamay
    @DemahInamay 13 лет назад

    BEST ELASTICITY VIDEO OUT THERE.! SO SIMPLE TO UNDERSTAND!

  • @kgpbghlr01
    @kgpbghlr01 11 лет назад

    Helps A LOT!! You are so much better than my micro teacher.. Keep up the good work!

  • @charlieben-nathan7833
    @charlieben-nathan7833 11 лет назад

    Really great video, I'm getting my students to look at it for revision. I think there is one error. Unit elasticity will not be a 45 degree line, but will be a rectangular hyperbola. For example, for a 45 degree line changing the scales on an axis would change the slope of the line but wouldn't change elasticity. For any straight line demand curve elasticity will be infinity at the top, 0 at the bottom and 1 exactly in the middle.

  • @LBJBUSINESS
    @LBJBUSINESS 3 года назад

    Even your old videos are great... Thanks, Clifford the Big Red Dog

  • @malakbeydoun4145
    @malakbeydoun4145 6 лет назад

    You are making economics way easier. Thank you!!!

  • @aleena_aaa08
    @aleena_aaa08 4 года назад

    I am watching this video in 2020 and yes it is very helpful. Thank you!!!!!

  • @FAROOQ95123
    @FAROOQ95123 9 лет назад +13

    one more thing if Income elasticity of demand is > 1 then its a luxury good.

  • @777davidM
    @777davidM 6 лет назад

    a whole chapter explained in 7 minutes.....a lifesaver....Thank you!

  • @layalesper4619
    @layalesper4619 5 лет назад

    i have wasted so much time trying to understand this !!!!! i feel so dumb i should've just watched this video. YOU ARE AMAZING !!!!

  • @andynam6745
    @andynam6745 10 лет назад +4

    Thanks bro. I like the energy. You made it simple and easy to understand.

  • @andrew32320
    @andrew32320 11 лет назад

    This is one of my favorites topic in economics, but it's so hard to understand at first. Great video -thanks.

  • @richardowada249
    @richardowada249 9 лет назад +2

    It is really a great help! Thank u please post more vids.

  • @alezen110795
    @alezen110795 12 лет назад

    Made my life so much easier! I learn all my stuff from his videos

  • @landross
    @landross 12 лет назад

    dude you are a legend, best elasticity video ive seen

  • @murandumakwena6018
    @murandumakwena6018 5 лет назад

    am now getting the whole idea. thnx a lot Mr Clifford

  • @runningfromcomfort
    @runningfromcomfort 11 лет назад

    You explain this way better then my lecturer!

  • @dariustang9670
    @dariustang9670 7 лет назад +1

    This guy is actually my hero.

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    @allegriamabunda8710 8 лет назад

    love watching your vids.. i now enjoy and understand economics all because you

  • @MaiNguyen-kh6ms
    @MaiNguyen-kh6ms 9 лет назад +2

    The explanation is really useful!

  • @Brandon-qr8zz
    @Brandon-qr8zz 5 лет назад

    Even though this is an older video it’s still super helpful

  • @sonuvijay9914
    @sonuvijay9914 5 лет назад

    Amazing explanation right before the exam thank you so much

  • @wongwai8088
    @wongwai8088 9 лет назад

    It does help me a lot in understanding this heavy topic. Thanks a lot.

  • @naomispiteri7092
    @naomispiteri7092 10 лет назад +2

    Fantastic you explain so clearly

  • @Manananana20697
    @Manananana20697 8 лет назад

    My prof really needs to learn from this guy

  • @tgaraditya
    @tgaraditya 9 лет назад

    Prof, tell the people to turn off their adblocker when watching your vid.
    that we we can contribute to this channel

  • @ofunicorns
    @ofunicorns 10 лет назад +4

    this man makes miracles

  • @lydiadavis7758
    @lydiadavis7758 7 лет назад

    This video has the best explanation of elasticity of demand, I understand it so much better now! Thank you!

  • @deewilliams7881
    @deewilliams7881 12 лет назад

    EXCELLENT!!! I'm taking an online course. GREEEAATT!! Supplement.

  • @nova011
    @nova011 12 лет назад

    LOL@Beginning of the video, "omg is scary!!"" AWESOME video. Way better than my professor. Thanks.

  • @hayleybrooke1994
    @hayleybrooke1994 10 лет назад +4

    YOU ARE A GOD SEND. MICRO TEST IN AN HOUR!

  • @nihalebrarbocek2397
    @nihalebrarbocek2397 2 года назад

    I wish you were my teacher, our professors have been lecturing about this topic for too long, but I couldn't understand it till I watched your 7 minutes video.

  • @lhs014
    @lhs014 11 лет назад

    thank you, you saved the world! (no really, im taking the ap micro test tomorrow)

  • @oliviam7585
    @oliviam7585 9 лет назад +3

    I have a question for you Mr. Clifford that we have constantly been debating in my micro class...is deodorant an elastic or inelastic product?
    also thank you for ur awesome videos I couldn't have survived Marco or Micro w/out u!:)

    • @audreywarren6777
      @audreywarren6777 8 лет назад +1

      +Olivia M Wouldn't it depend on the region?
      Some people, in rural areas, or other countries don't use deodorant. Yeah, that's right.
      Compliments are still out there, and hey just ask yourself how important is Deodorant for you?

  • @marissaparker4913
    @marissaparker4913 9 лет назад +2

    Yes Yes Yes!!! A big giant thank you!

  • @LucidEnigma21
    @LucidEnigma21 12 лет назад

    once again man, your helping me pass econ! thanks a bunch! :D

  • @jackmancuso833
    @jackmancuso833 9 лет назад

    I watch two of these and I am ready for a test. Mr. Clifford have my babies.

  • @Frederick0220
    @Frederick0220 6 лет назад +1

    "Mr. Cliffahd, you the real MVP."
    -Kevin DooRant

  • @jimmcgowen7988
    @jimmcgowen7988 9 лет назад +1

    Well done except for a few basic errors. With the exception of perfectly elastic and perfectly inelastic demand curves the elasticity of linear demand curves varies depending on whether price is above or below the midpoint price. Despite what the video implies, a linear demand curve with a very steep slope is not always inelastic, and one with a flat slope is not always elastic. Instead, each will have an elastic range (for high prices) an inelastic range (at low prices) and will be unit elastic at its midpoint. A demand curve with a slope of 45 degrees is not always unit elastic. (A demand curve with constant unit elasticity would graph as a rectangular hyperbola.) Aside from these errors I like your enthusiasm and thought most of your examples were excellent!

    • @Crabdance1
      @Crabdance1 9 лет назад +1

      This is definitely true, and he makes brief mention of it when he states the "unit elastic" demand curve as being a line with a 45 degree angle (meaning: i'm pretty sure he knows), though usually this nuance isn't provided in a basic intro to econ course. i'm sure he weighed the benefits and costs of providing more detailed information at the risk of deep confusion.

  • @JacobAClifford
    @JacobAClifford  11 лет назад

    However; if they can't afford it, they are no longer part of the demand curve. Remember that you have to be "willing and able." If they aren't able then they are out so the line is still vertical.

  • @rohanpruthi5714
    @rohanpruthi5714 2 года назад

    This is truly amazing, really learned a lot!!

  • @varabhag6879
    @varabhag6879 5 лет назад

    Mr Jacob Clifford u r awesome economist

  • @resicaacharya8756
    @resicaacharya8756 9 лет назад

    u r the best teacher!!

  • @benedictafuller8187
    @benedictafuller8187 11 лет назад

    thanks for the lessons, it really helped me in my test. God bless u sir.

  • @inesvatic6431
    @inesvatic6431 8 лет назад

    Thank you Sir! Fantastic explanation!

  • @zhoujemieur5694
    @zhoujemieur5694 11 лет назад

    SO NICE!!!!!!!!!!!!!!!!!SO EASY TO UNDERSTAND.

  • @CarrieS864
    @CarrieS864 8 лет назад

    Thank you for your videos! They helped me get an A in Macroeconomics, now I hope they help me in Microeconomics. So Thank you!! & I do share with fellow classmates!

  • @aqdas253
    @aqdas253 8 лет назад +23

    awesome explanation...👌keep up the good work

  • @rishikachutani2508
    @rishikachutani2508 3 года назад +1

    YOU ARE THE BESTESTESTEST!!!

  • @VishitaUnfiltered
    @VishitaUnfiltered 4 года назад

    Your video saved my time

  • @hannakimpian6114
    @hannakimpian6114 2 года назад

    i learned more in these 7 minutes than i have in 1 month from my college prof.

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    @mandyf6564 7 лет назад +7

    "You either get it, OR YOU DIE" 3:31

  • @rics6035
    @rics6035 10 лет назад +2

    Thanks a lot man! Awesome explanationi

  • @yanahaenisch7007
    @yanahaenisch7007 6 лет назад

    Amazing- You have helped me so much!

  • @MahrowK
    @MahrowK 12 лет назад

    woow , this is really a great explanation .. Thank u