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Dear Avinash, Yes, this is true that if the prices decreases the quantity demanded for a particular good will increase. The substitution effect in this video states that when the price of a particular good decreases , ceteris paribus, it also becomes cheaper as compared to other products. So consumers may substitute other goods with this particular good (watch the example of apricots and the fruit basket in the video). IFT Support Team
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![Calculating Elasticity of Demand [GIVEN A CHANGE IN PRICE] | Think Econ](http://i.ytimg.com/vi/5JzrJNYl8ng/mqdefault.jpg)
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How do you come up with the demand function? Is it by using past data and applying it to a multivariate regression model?
yes .. you have to know how much you sell in a specific price
finished, wonderful teaching, so clear, so appreciated of sharing it
We are glad it was helpful!
IFT support team
your videos are very helpful , thank you very much for sharing
Dear Yusef,
Thank you for your great comments. We are really pleased that you are able to benefit from IFT TH-cam videos. Be sure to Like the videos; share IFT videos with your social media circles. Thank you! - IFT Support Team
IFT I will share this through my social media for sure
16:50 what does RI mean ? , does it mean "real income " ?
yes, RI means Real Income
IFT support team
Sir! You said that as price decreases, quantity increases of our goods, Then how substitute effect is positive?
Dear Avinash,
Yes, this is true that if the prices decreases the quantity demanded for a particular good will increase. The substitution effect in this video states that when the price of a particular good decreases , ceteris paribus, it also becomes cheaper as compared to other products. So consumers may substitute other goods with this particular good (watch the example of apricots and the fruit basket in the video).
IFT Support Team
You're stupid, mr Padhi
Sir in case of own price elasticity answer is negative 1.3333 which is less than 1. Then it is inelastic ,but you said its elastic
ignore the negative sign , if the no. is less than 1 let say 0.33 then it is inelastic
very well explained sir thankyou.
How did u get quantity 90 ?? Will u plzz explain me
Qd = 60 - 120 + 30 +165-45 = 90
IFT Support Team
Thanks sir
Amazing explanations (y)
Thanks a lot 😊
can we use this for 2023 exam?
just for more information, may i know if is the giffen good can becomes a normal or inferior goods?
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IFT support team
thank you so much for your explanation
You are welcome.
IFT support team
Great explanation sir
Dear Vikin,
Thanks.
IFT Support Team
Thank you! It's very helpful!
You're welcome!
sir where is third part
Dear Mayur,
Please go to this link:
th-cam.com/video/DO21mTtlUeA/w-d-xo.html
IFT Support Team