Elasticity 2: Income Elasticity of Demand, Supply, Cross-Price, and More! (Full Lecture)

We discuss the interpretation of many real-world elasticities, with a focus on some really interesting cases for public policy. Income elasticity of demand, Price Elasticity of Supply, and Cross-price elasticities of demand.
Link to Video 1: • Elasticity 1: Introduc...
Handout for this video: drive.google.c...
These videos are part of a complete set of full-length lectures on Introductory Microeconomics (Using McConnell, Brue, & Flynn). See the course with handouts at
www.burkeyacad...
Playlist of all videos: • Intro Microeconomics: ...
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[@lannaaa1723]

Can you post a video about the cross price elasticity of supply

[@BurkeyAcademy]

I could, but I don't know what I would talk about for an entire video about it. If you understand elasticities in general, you also understand Price Elasticity of Supply. It is calculated and interpreted the exact same way. If there is a particular question you have, I'd be happy to try to help! Please let me know!

[@lannaaa1723]

BurkeyAcademy ok thank you! I was just wondering what the formula is but now I know👍

[@lennyste]

Very good explanation! I like the variety of real world examples. Also, it was very helpful seeing how you used examples of a 10% or 100% change rather than sticking to just a 1% change. Thinking about these larger percentage changes make it easier to relate to the real world.