Chapter 5: Elasticity - Part 1

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  • Опубликовано: 9 дек 2024

Комментарии • 108

  • @NhuY-tr8og
    @NhuY-tr8og Год назад +16

    00:02 Introducing the concept of elasticity in relation to demand and supply.
    02:28 Price affects quantity demanded based on elasticity
    06:52 Price elasticity of demand measures how quantity demanded responds to a change in price
    09:40 Gasoline has inelastic demand due to lack of close substitutes.
    14:44 The elasticity of demand depends on the market definition and the share of the good in the consumer's budget.
    17:02 Goods have elastic or inelastic demand based on budget share
    21:35 Understanding how to calculate percent change
    23:42 Understanding percent change in test scores
    28:29 Calculate price elasticity of demand using percentage change in quantity and price.
    30:57 Calculating price elasticity of demand is not hard.
    35:40 Calculation of the price elasticity of demand is easy.
    37:47 Teaching approach impact on student understanding
    41:52 Simplify complex formulas for better understanding
    43:39 Calculation of elasticity is not hard, just remembering the basic formula makes it easier.
    48:23 Interpreting price elasticity of demand
    50:43 Understanding quantity demanded and demand curve shapes

  • @danielsparrow5309
    @danielsparrow5309 3 года назад +46

    Funny story, i had an economics class in my 2nd year of uni, and my professor gave us the overcomplicated formula for the PED and it made little to no sense to me back then. Looking back at it, it is so much easier and it actually makes perfect sense! Needless to say, i was lost the whole semester after this chapter :D.
    Thank you so much for doing these videos, they are amazing for anyone who wants to learn!

    • @DrAzevedoEcon
      @DrAzevedoEcon  2 года назад +18

      It's very easy to make this more complicated than it needs to be.

  • @brishlyalcantar4675
    @brishlyalcantar4675 3 года назад +22

    This was so straightforward, I consider myself fortunate to have stumbled upon this channel. Thank you sir!

  • @musickf
    @musickf 8 месяцев назад +2

    I went from having next to no idea what I was doing with this concept to almost fully understanding it, with 1 watch. Thank you for this.

  • @gebremichaelabere
    @gebremichaelabere 8 месяцев назад +7

    no words for this guy. everything is clear. he way the teaches is different .thank you sir.

  • @pradiptaroysarkar
    @pradiptaroysarkar 15 дней назад

    This is exactly the reason why I felt so intimidate by this topic. The first thing my instructor did was they showed this formula, and even though now I see that it is basically very simple, in the classroom, I got frightened and the whole lecture went over my head.
    Now, after watching this video, I feel like this is literally the easiest thing that can be! The way of teaching can create a huge difference!!

  • @AdilAkylov22
    @AdilAkylov22 Год назад +3

    Dr Aevedo YOU ARE THE BOSS OF THE INTRODUCTION INTO ECONOMICS! YOU ARE THE GREATEST TEACHER. MY TEACHER GAVE ME FORUMA LIKE (Q1-Q2)/[Q1+Q2]/2 // (P1-P2)/[(P1+P2)/2] AND I WAS SO SHOKED

    • @DrAzevedoEcon
      @DrAzevedoEcon  Год назад +1

      Thanks! Those formulas can be pretty intimidating. Glad to help!

  • @lourdezpuquir9202
    @lourdezpuquir9202 Год назад +3

    Thank you so much! I barely passed my first quiz sinc3 im taking an online class and i have to read the book and try to make sense of it. Now that i see you explaining it in a different way i see how simple it is. I really appreciate your videos!

  • @markanthony523
    @markanthony523 2 месяца назад +2

    You have been a blessing!!! Thank you for your way of explaining it and making it easy to understand!!

  • @GirinSofia
    @GirinSofia 5 месяцев назад +1

    Thank you so much professor, thanks to your videos I passed my exam. Hello from Seoul

  • @Nushath
    @Nushath 11 месяцев назад +2

    You are great in teaching way and the explanation. thanks for giving such lectures I'm RUclips.

  • @InternationalProtection
    @InternationalProtection Год назад +1

    Thank you so much! I really appreciate how straightforward you made this
    . Thanks again for making things so simple!

  • @saarahfrancis7948
    @saarahfrancis7948 2 года назад +2

    Thank you so much Dr Azevedo! I am doing an online class and it was so difficult to make it as simple on my own.

  • @kingsouthak9302
    @kingsouthak9302 4 месяца назад +1

    Thanks you so for your lecturing.
    It's helped me during my exam, from south Sudan 🇸🇸🇸🇸✌️

  • @TaylorTowne
    @TaylorTowne 2 года назад +39

    Am I the only one here appreciating how well he writes backwards?

    • @BearfootBrad
      @BearfootBrad 2 года назад +1

      Wait, he's writing backwards????

    • @suikodin2501
      @suikodin2501 Год назад +16

      It's simply mirrored. He answers that question in other vids. He is indeed right handed and the original recording is behind the board and everything is backwards. But it is uploaded flipped.

  • @cmcgrew98
    @cmcgrew98 2 года назад +2

    I think it can definitely be said that you explained this better than my microeconomics teacher.

  • @freitag314
    @freitag314 6 месяцев назад

    I enjoyed your lecture, especially the reflection on revising your approach to teaching this idea. I've been helping my daughter with her business calculus class, and your video helped make this more concrete.

  • @JELSONMAUKI
    @JELSONMAUKI 7 месяцев назад +2

    Day before i have test suddenly i listen to you about easy to calculate PED or E . You help me a lot because was not attending my clsss lecture for almost all semester because of alot of 🌧️🌧️🌧️. Finally i pass my test 13/15.🙏🙏🙏🙏

    • @DrAzevedoEcon
      @DrAzevedoEcon  7 месяцев назад +1

      Congratulations! I'm glad I could help out.

    • @JELSONMAUKI
      @JELSONMAUKI 5 месяцев назад

      ​​​@@DrAzevedoEcon.
      I calculated and I gt price elasticity demand is 1/3 and I used your simple formula but classmate used that hard formula and he gt -0.2 and went check to that gbt and the answer is -0.2 . Please help to know the real answer. The question below 👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇
      Find elasticity of demand given that when
      the price of a commodity is $ 4, the
      quantity demanded is 10 units, and when
      the price increases to $ 8, quantity
      demanded decreases to 8 units.

    • @DrAzevedoEcon
      @DrAzevedoEcon  5 месяцев назад

      @@JELSONMAUKI Your calculations are correct. It appears that what your classmate is doing is calculating the elasticity without using the midpoint method. In my opinion, that is incorrect. The reason for using the midpoint method is that your answer is not dependent on which price you start with. If your classmate uses their method, they will get a different answer if they start with P=4, Q=10 than if they start with P=8, Q=8.

  • @cordeliaasika2275
    @cordeliaasika2275 3 года назад +3

    Thank you so much for this video!!!! You took Time in explaining this concept!!!

  • @kaeshaunsingh6106
    @kaeshaunsingh6106 2 года назад +1

    Thankyou professor, your lectures have helped me alot for my ECON course

  • @MingLeng-l5v
    @MingLeng-l5v 8 месяцев назад

    The structure is very clear. It's easy to understand.

  • @nataliamoscalenco2969
    @nataliamoscalenco2969 6 месяцев назад +1

    Amazing lecture! Chapeau!

  • @CharlesKenyi-zv5nu
    @CharlesKenyi-zv5nu Год назад +2

    I will follow you for ever

  • @ifratjahanhellolove
    @ifratjahanhellolove 11 дней назад

    Arigato sensei😭😭😭😭😭
    You've saved me🤧🤧

  • @final_123
    @final_123 3 года назад +1

    Thank you. I really appreciate these lectures.

  • @kirky3051
    @kirky3051 2 года назад +1

    You are an awesome teacher! Thank you so so much for helping me understand ❤

  • @varunkanth11
    @varunkanth11 2 месяца назад

    Amazing vedio , made it crystal clear 🙏🏼

  • @affulkwekuisaac636
    @affulkwekuisaac636 Год назад

    U are the best sir ..... much love from Ghana 🇬🇭🇬🇭🇬🇭

  • @joechibangu2007
    @joechibangu2007 Год назад +1

    Thanks. You are an Excellent tutor🤝

  • @lasushi4999
    @lasushi4999 Год назад

    I was so frustrated and confused with this and it mostly cleared things up thank you!

    • @DrAzevedoEcon
      @DrAzevedoEcon  Год назад

      You're welcome! I'm happy to have been able to help.

  • @mirriamm.kasolo1767
    @mirriamm.kasolo1767 4 месяца назад

    You are very helpful i really Appreciate ❤😊

  • @flaviot5226
    @flaviot5226 Год назад

    Thank you Dr. Azevedo you're quite right t way you teach it is brilliant very understandable

    • @DrAzevedoEcon
      @DrAzevedoEcon  Год назад

      You're welcome! Glad the videos are helpful!

  • @NamanSharma-yc8uy
    @NamanSharma-yc8uy 3 года назад +3

    Sir great way of and teaching and u have a perfect knowledge of this subject your vedio is really helpful but sir u had made vedios on some topics(chapters) so, sir it would be more helpful if u uplode more vedio
    Thankyou sir

    • @DrAzevedoEcon
      @DrAzevedoEcon  3 года назад +2

      I have videos on many of the concepts that would be in a principles of macroeconomics or microeconomics course. Make sure to visit my channel and click on the playlist link. I may be uploading more videos in the future.

  • @elle8852
    @elle8852 3 года назад

    Thank you Sir for this approach ..i finally got it!

  • @nhathan428
    @nhathan428 2 года назад

    thank you so much sir! Your lecture is so amazing and easy to understand

  • @anaspradhan6924
    @anaspradhan6924 Год назад

    Thank u sir. Love from Bangladesh

  • @letranmyduyen6583
    @letranmyduyen6583 3 года назад

    Thank you Sir 🥰 your videos help me a lot

  • @flaviot5226
    @flaviot5226 Год назад

    Thank you Dr. Azevedo

  • @Barbie_2024
    @Barbie_2024 3 года назад

    Thank you sir for clear explanation.

  • @youthlife6419
    @youthlife6419 Год назад

    Wow!! very good teacher thank you

  • @Gioppp
    @Gioppp 2 года назад

    straightforward ! great

  • @Maalim-h5q
    @Maalim-h5q Год назад

    Thank you, now I have understood well😊❤️

    • @DrAzevedoEcon
      @DrAzevedoEcon  Год назад

      Happy to help! Thanks for watching!

    • @albertanaaquayetey
      @albertanaaquayetey Год назад

      Thank you. I really do understand the PED formula. You did a great work by coming up with that formula ☺️ ✌️🙏

  • @tushiyakey9677
    @tushiyakey9677 2 года назад

    thank you so much. this is helping me big time

  • @motivationdr1
    @motivationdr1 Год назад

    ❤i do self studies from this videos thank you sir

  • @mayasaqr1446
    @mayasaqr1446 3 года назад

    thank you so much professor!

  • @MyTran-sn8ve
    @MyTran-sn8ve 2 месяца назад

    This is actually one of the simplest ways to calculate PED, if I didn't stubble across this I think I'll have a hard time with this chapter

  • @monlin9429
    @monlin9429 4 месяца назад

    I Love that ❤

  • @ЖаннурИманкулова
    @ЖаннурИманкулова 2 года назад +1

    I love you, sir

  • @asiepetjoan3067
    @asiepetjoan3067 6 месяцев назад

    You are a good tr

  • @TomasBlynas-yd2qf
    @TomasBlynas-yd2qf 5 месяцев назад

    Thanks!

  • @saacidomar8752
    @saacidomar8752 3 года назад

    Unquestionably you are my best Economist of all time i 💓 and enjoy your Lectures
    But there is no Utility Chapter in the playlist can you upload it plz

  • @CassMorris784
    @CassMorris784 2 года назад

    Thank you so much!

  • @ravzadogan5958
    @ravzadogan5958 4 года назад +1

    thank you sir!!

  • @seson1615
    @seson1615 2 года назад

    Should've went with a red marker, professor. But this was very helpful

  • @roubaali7839
    @roubaali7839 Месяц назад

    thank you

  • @skjanitorial
    @skjanitorial 3 года назад

    Thank you 😊

  • @Nestng331qwdxsrr
    @Nestng331qwdxsrr 3 года назад

    I hope you have courses online

  • @unknownman2598
    @unknownman2598 2 месяца назад

    I hope this message finds you well. I am writing to seek your guidance on accessing the online homework platform for our course.
    If you could provide any instructions or resources on how to access the platform, I would greatly appreciate it.
    Thanks for your assistance.

  • @byukusengeyvette5982
    @byukusengeyvette5982 Год назад

    what is the value of that 20 we are using alwys

    • @DrAzevedoEcon
      @DrAzevedoEcon  Год назад

      I'm not sure what you are asking here....can you be more specific?

  • @kylejulius9596
    @kylejulius9596 3 года назад +1

    Thanks for the content!
    What book is this based on?

    • @keeanshank
      @keeanshank 2 года назад

      Principles of microeconomis

  • @sureyabell2082
    @sureyabell2082 Год назад

    Thank you!!

  • @calebkeyebieye8039
    @calebkeyebieye8039 Год назад

    Wow this is wonderful. Please sir how can I get to you for classes in preparation of my GCE advance level 2023-2024?

    • @DrAzevedoEcon
      @DrAzevedoEcon  Год назад

      I actually teach Principles of Macroeconomics and Principles of Microeconomics online every summer at the University of Central Missouri.

  • @savvylofi7596
    @savvylofi7596 Год назад

    The accent when he says measure is so cuteee 😩🥵

    • @DrAzevedoEcon
      @DrAzevedoEcon  Год назад +1

      Ha! That's my Missouri Ozarks accent coming through.

  • @Harshitverma66
    @Harshitverma66 7 месяцев назад

    What a video

  • @mercycheruto4029
    @mercycheruto4029 6 месяцев назад

    🎉

  • @motivationdr1
    @motivationdr1 Год назад

  • @afridialam8577
    @afridialam8577 Год назад

    Screen in blurr but lacture is awesome

    • @DrAzevedoEcon
      @DrAzevedoEcon  Год назад

      You should check the playback settings for the video. The screen shouldn't be blurry.

  • @mudrikasinghal4589
    @mudrikasinghal4589 2 года назад

    28:15

  • @ahadamin7361
    @ahadamin7361 2 года назад

    44:44

  • @thafrodgod3434
    @thafrodgod3434 2 месяца назад

    "Let's take pepsi" *breathes heavily through nose, smacks lips*. Is this Senator John Kennedy's brother? Sounds just like him.

  • @Mansi_Saluja
    @Mansi_Saluja 11 месяцев назад +1

    Thankyou very much professor...❤❤
    I am very grateful to you😊🤍

    • @DrAzevedoEcon
      @DrAzevedoEcon  11 месяцев назад +1

      You're welcome! Happy to help!

  • @kensshee
    @kensshee 3 года назад

    Thank you so much professor!

  • @mu.skann2205
    @mu.skann2205 2 года назад

    thankyou so much sir!