Elasticity 1: Introduction, Price Elasticity of Demand (Full Lecture)

Introduction to the concept of elasticities, how to interpret them, and discussion of many examples of Price Elasticity of Demand.
Handout for this video: drive.google.c...
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[@kathytrisdale8389]

I think in the case of elasticity in demand, we drop the negative sign because a demand curve always has a negative slope, so if we say that "demand goes down -x%" that's technically a double negative and would mathematically suggest a positive slope. If we say "demand goes down..." that implies that the number by which it goes down is necessarily negative.

[@vp0391]

Great video! Really understood the basics on Elasticity.

[@swarnar7644]

Such a great video...thank you sir

[@arabatorson4209]

What of luxury goods?

[@stephinewenrich826]

Still really confused