How To Understand Elasticity (Economics)
ฝัง
- เผยแพร่เมื่อ 9 ก.พ. 2025
- 📰 This channel is supported by my free newsletter: marketpower.su...
📰 Get unique economic insights right in your inbox: marketpower.su...
Elasticity is a super important topic in economics, but it can be hard to grasp. In this video, I show you the intuition behind elasticity and why it's something economists care so much about. The demonstration will help you understand the price elasticity of demand, cross-price elasticity of demand, elasticity of supply, income elasticity, and all others!
Good companion video with Mankiw, Cowen and Tabarrok, or any other introductory economics or microeconomics course.
Follow me on twitter: / marketpoweryt
#economics #apeconomy
The Book of Mormon has changed my life, and I'd like to offer you a free copy: www.churchofje...
I kept rereading my textbook, was super confused. This explained it to me perfectly. Thanks so much. You saved my end of semester grade x
I just found your videos because I'm going to be an economics major for undergrad starting this summer and wanted to have a small head start. Your videos are so interesting and I feel like they're going to help me so much! Thank you for making this type of content
That's so exciting to hear! What kind of videos would you be interested in?
I wonder how you four years went Amy.you prolly finished your eco degree
I’m really curious if you continued with Econ, or switched majors. Congrats
You're a damn life saver! I've been trying to understand this concept in my MBA program for the past two weeks, and it just "clicked" after watching your video! Subscribed and recommended to my fellow MBA homies!
This is literally me right now trying to get through the assignments 😩
learned it for a semester at university and never understood it. And wow, I didn't know that I could understood it in just 6-5min.
Thank you. I loved the comparaison. That way of learning is so much fun.
Now let’s hope I don’t fail my Econ test tomorrow
fr though
@@HabibahLawal-vp9zo Yh mine is in next 4 days 😢
same...
Mine is in 3 hours
Mine is in 2daya. ....😢
Dude, thank you for making this video. I just started a macroeconomics class with online schooling. Your video helped me understand elasticity so much better than reading the material. I greatly appreciate videos like this and those that post them. without them I would be more confused with no way to better understand. Thank you again.
Thank God for people like you who make complicated subjects simple
Your videos are so underrated
This is fantastic! Thanks so much for sharing your knowledge and being able to communicate it in such an effective way.
THANK YOU for making this concept understandable! Saved me so much confusion in Economics class!
What other topic would you like me to cover like this?
Can you show how to compute elasticity given a demand curve and supply curve? I love your videos!
I just watched your video for the first time and omg you explain this so well! Can you talk more about economics? Maybe microeconomics?
Hi, I'm thinking about studying economics and would love for you to make a playlist/ videos about things that are crucial to understanding economics. Just like this one, simple to understand and perfectly explained. Explaining neo-classical economics, different theories of economics, externality etc. Like important things to know. Keep up the great work! I subscribed and can't wait for more educational videos :)
@Ronin Alden Thanks so much for your reply. I found the site through google and Im in the hacking process now.
Looks like it's gonna take a while so I will reply here later with my results.
@Ronin Alden it did the trick and I finally got access to my account again. Im so happy!
Thank you so much you saved my ass !
I really struggled with this but your video helped. Thank you!
I am taking econ and having a hard time understanding the concepts but this video along with many others have really helped. Thank you!
Thank you for a great breakdown! I have always struggled to fully understand elasticity
Omg your illustrations are more understandable than my teachers whole ass explanation of elasticity ❤
One of the best video on elasticity
awesome video. as a mechanical engineer turned product manager - this is the visual representation that i love
Excellent job. Shared it with my students.
Sir, your great, in a very short period you made this concept very easy
As an econ student thank you so much this is well explained
As a non econ student you are welcome.
Genius explanation, love it!
Great point about comparing the value in job offers I haven’t heard this discussed as much
Great visual representation on how this all works. Really helped sum up the concept of elasticity vs inelasticity
🏳️🌈🏳️🌈
Fantastic explanation! I liked the visual with the weights.
Thank you massively. Elasticity seems almost obvious when I hear you explain it. I'm very grateful for your video. I'll try to access the other elasticity ones too.
that explained well.thank you.
I'm in a distant learning program so most of my work is reading my text book and doing my homework based on what I learned that way. I was really struggling to understand this and you helped a lot. Is there a part two that goes deeper into this concept?
Thank you!!! I'm having my Economics Final tomorrow and this really helped!!!
great job.
Loved this video. I'm a very visual learner and I wasn't able to study this concept as thoroughly and as quick in my compressed class time and this pretty much summed up the lesson in almost 6 minutes. LMAO
Great explanation that puts technical jargon in very simple terms!
Interested in graduate school?
✅Get my FREE grad school application worksheet: marketpower.substack.com/p/gradschool-masterclass
I thought this was great! Reading about elasticity in marketing and this helped! Thank you for making this!
This is the one thing that was tripping me up, but im actually doing really well in advanced economics in yr 11. Here in AUS its called ATAR
You are great Sir. S real teacher
I am Indian And Loved Your Video ❤️❤️
thank you...explanation..hats off🥰
THIS IS PERFECTTTTTTTTIOOOOOOOOONNNNN THANK YOU SO MUCHHHHHHHHHHHHHHHHHH
This was extremely helpful. Thank you
This video is so well done! thank you !
Thank you..this was so helpful💞💞💞👏👏👏🌹
Awesome!
thanks you've made this a lot clearer than my tutor
Amazing!!!
Thank you so much!!
Thank you so much and it is a good explanation with good examples
It was awesome thanks 😊😊😊😊👍🙏
so well explained thank you!!
This is great! Thanks so much for this interesting explanation!
You may have just saved me from my mid-term exam!
This was so helpful. Thank you for your help
Very helpful, thank you!
Very helpful! Thank you ver much!!
You're incredible. Thank you so much for this explanation!
Thank you, now I understand this better.
Excellent video
Super helpful!
I'm almost done with my MBA. It would be reassuring if it's not just me where this chapter gets lots of frustrated students who think they get it then just seem to epically fail the quizzes? I don't think the self quizzes I've been able to get a single question right but i've read the chapter and didn't seem to not be lost completely at least navigating the lesson. anyone feel the same?
I learned more from this video then from a 3 month economic class lol
fantastic explanation! thank you
Hello, great video keep it further
very encouraging man
Tnx!!!❤️❤️
mannn this is tooo gooood
You didn't say about elasticity of supply 🥺, but video soooo good 😍
Good
Good luck for the test
You should learn about Ampleforth if you want an example of an elastic supply money
Would employees be considered elastic? Since a change in minimum wages (price) would alter the demand for employees?
2:58 This is only true if the initial quantity was same to begin with. If the change in qty demanded is greater, it doesn't necessarily mean it is more elastic. You pretty much completely went over the idea of percentage change. What you explained is marginal demand or slope, which is dX/dp. Elasticity is defined as (dX/dp) / (X/P). If a line is steeper or flatter, it is not more elastic or less elastic; elasticity of points in a straight line that is not completely horizontal or vertical, varies from 0 to infinity; it is only when elasticity is measured at the same point, can we say the steeper line is less elastic. This pretty much says nothing about why one would prefer elasticity to slope.
Good explanation! If I know the elasticity of demand and supply for a good could I then calculate how much the price would change per percentage change in demand? And how would I calculate that? Thx 😊
Nice shirt !
Which is more elastic... A brand car or all other ordinal car????plz help
actually i'm law major, 1st course but idk why we have microecon class and tomorrow (i mean after 4 or 5 hours) i have quiz about elasticity so i'm here bruh...
Love from India
fantastic
Great way to pass massage
1:46 - 1:58
3:56
uhhhh, elasticity in physics means resistance to deformation force. so the blue band is more elastic. many people confuse this.
Resistance to PERMANENT deformation force. If you stretch two objects continuously, the one that is less elastic will reach permanent deformation first.
So, bananas were more elastic because people wanted them over a longer curve. Another example said teenagers were the most sensitive to price changes and, therefore, are more elastic...and this is where I get confused. Teenage demand for vapes would drop off much more rapidly than that of adults with stable careers. An adult's demand curve for vapes would be longer, like the longer demand curve for bananas. So why aren't adults the more elastics group?
very helpfull thanks
💯💯💯💯❤️🔥
From mmk
U know what we got here? We got an elastic product. U know what dat mean? Dat mean if people go ELSEwhere and get dey printin and copy'n done...DEY GONNA DO IT!
And this is what makes rubber
CHAPTER 3
noones talking abt his disappearing pupil
actually because im kinda high
huurprijscheck
huurprijscheck
no, blue ban is more elastic than the yellow one because under the same stress the deformation is smaller.
bro your eyes are so blue
You have pretty blue eyes.
I swear you are so sweet
Get to the point.
goofy lookin ahhh boi
poop
huurprijscheck😮