Tutorial explains how to calculate price elasticity of demand (PED). Covers the relationship between revenues and elasticity. own price elasticity. Like us on: / partymorestudyless
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@arthurntembula6 жыл бұрын
I love your patience. You explain all the little details. Thank you. ❤️
@saifur4910 жыл бұрын
Its now crystal clear , no need to watch it again. Thanks ...You are the man...
@economicsfun11 жыл бұрын
good observation because elasticity and slope of a line are slightly different. This gives me an opportunity to elaborate too. Elasticity is the % change in Quantity divided by a % change in Price. Slope is just change in Quantity divided by Change in Price. Good luck in your classes too.
@samanthaforster534110 жыл бұрын
i have never in 22 yrs online never commenting on anything even when i really had an opinion but i really want to gratefully thank you for showing me in a few minutes what i am paying $3,000 a semester to learn. Mind you the lecturer has a very thick accent foreign to the students native language. So please more economics please! students
@BeulahGJ12 жыл бұрын
The best econ-Teacher ever!!!
@njoy3277 жыл бұрын
Best Economics study videos on KZfaq!!!! Thank so much for all the time, effort, graphics, and organization of material!!!!!!!!
@MelissaLatulippe10 жыл бұрын
Thank you so much for taking the time to explain the formula for change in price and qty as well as to arrive to the Price Elasticity of Demand. I am in my Junior year of college and in Microeconomics, and I was stuck until I watched your tutorial. I really appreciate your time with the subject matter very much. Thank you!
@utopiatech814410 жыл бұрын
one of the best educational vids of microecon I have seen, specifically for the elasticity of demand and in the composition and presentation of the information, continue to do what you are doing sir.
@buhkangliwayway9 жыл бұрын
One of the few business tutorials who uses great visuals. Thanks! :)
@economicsfun9 жыл бұрын
10521577A You are very welcome. I have thought for a long time that economics lends itself to animations and visualization. Thanks for taking the time to let me know my videos are helpful. If you get a chance like, share the videos (and www.Facebook.Com/PartyMoreStudyLess). This will help others find the videos. Good luck in your studies too.
@buhkangliwayway9 жыл бұрын
Economicsfun what graphic software did you use? Or was this pre-recorded?
@AaliyaKhan12 жыл бұрын
i love how everything is comprehensible and different colors! thanks so much for all the hours you put in!
@kellijones77335 жыл бұрын
I am only one minute into this tutorial, but your video quality, voice clarity, and detailed explanations are outstanding. Others should use this video as goal.
@austuber43205 жыл бұрын
you are a God, you are the difference between me passing and failing on PED questions
@jojuna997 жыл бұрын
I learned more from this video than I did in the past 2 months from my teacher. Thank you for this blessing lol.
@nicoledemers88835 жыл бұрын
Thank you for not rushing through this and taking your time. Crammed this in before my final. Glad I did! Lol you may be the only reason I pass 💗🤣
@squiggy42010 жыл бұрын
I'm a slow learner and my teacher moves too fast, so I'm glad you have this here for us dumb people, thanks.
@braydendaglish349210 жыл бұрын
Just want to let you know that your hard work and efforts are not going unnoticed. This has been a massive help for struggling economic students such as myself. You my friend are a legendary robot
@Hermoshaful12 жыл бұрын
Wow, I got it clear finally. Great Economics teacher, love the graphics btw! Good job
@Queenbeatrice5311 жыл бұрын
I like this one, the voice is clear and he touch all points!
@hashemfatahi99378 жыл бұрын
who ever you are, thank you very much for this super Excellent ,clear explanation. I salute you!
@wandadiggs45519 жыл бұрын
This was very helpful. Thank you!
@robetflitchell94377 жыл бұрын
I never saw anything that was super fun on one of these slides before, but then the professor told me to party more so I am gonna do it! ;)
@JoeBrown44411 жыл бұрын
you're an amazing person for making these videos. thank you so much.
@economicsfun12 жыл бұрын
It is always a struggle to determine the amount of detail to provide. I try not to skip any steps so students can see exactly how I come up with the data. I hope you were able to fast forward through this part of the exercise.
@wanzenix12 жыл бұрын
Thanks man. I thought I understood it before, but now its so clear!! I think you saved my exam!!
@gretchin300010 жыл бұрын
so clear. A M A Z I N G graphics. Thank you xxxxx
@rxfidem17288 жыл бұрын
This has been very helpful, thank you!!!!!!
@MauroALopez1312 жыл бұрын
Trying to get my mind around this for a tax revenue course. This video helped tremendously!
@arjun195112 жыл бұрын
A very convincing method of teaching measurement of elasticity of deamand.
@fiyoareeameen8 жыл бұрын
Thank you very much. This video helped me a lot.
@ryanprime265711 жыл бұрын
I very very appreciate your lecture, i like the most with your example. Many thanks! i am learning the Managerial economic, so this help me alot.
@hammerhead19able9 жыл бұрын
You explain it so well. Thank you.
@POLlyy2310 жыл бұрын
Thanks a lot! It seems so easy now that i finaly get it.
@GingerBlack0018 жыл бұрын
thanks for the awesome recap!!
@travisramirez11 жыл бұрын
AWESOME ILLUSTRATIONS!!!! I need this in my class
@economicsfun10 жыл бұрын
Well thank you and that is good to know you think this is the best video on the topic!
@rachaelanders926310 жыл бұрын
you are literally my hero
@TheMadlist11 жыл бұрын
very very useful..! very detailed. Thank you !
@economicsfun11 жыл бұрын
Great observation! Typically, economics textbooks and economist drop the negative sign (sorry about that and that is very confusing) because it is "implied" all values are negative. That being said, your observation is the same when you drop the negative sign. Inelastic 0 to 1 Unit Elastic = 1 Elastic values greater than 1 I do mention this in the video (briefly). I should point this out and be more explicit about dropping the negative sign. Great observation!
@BlackenedAngelArtist10 жыл бұрын
Thanks, best video on this.
@rosiezimmer929412 жыл бұрын
Thanks so much - its much clearer now
@economicsfun12 жыл бұрын
Thanks... I have been working on this visual explanation for math, econ, statistics for a few decades now.
@khanbaboo952211 жыл бұрын
ohh sir out standing i should watch your vedios and may be your vedios increase the slope of my absent in the class because no need for the Professor lecture
@economicsfun12 жыл бұрын
Great to be of service. Good luck on your exam.
@tobychang825011 жыл бұрын
Thank you very much! I got exactly what I want!
@island.2609 жыл бұрын
you are absolutely great! thank you very much for your efforts. it is was very clear and easy to understand.
@economicsfun9 жыл бұрын
Islan Dzhusupbaev You are very welcome. I always appreciate hearing my efforts are helpful
@210889amit9 жыл бұрын
This helped me very much! Concept explained very clearly.
@economicsfun9 жыл бұрын
+Amit pal You are very welcome! If you get a chance like and share the videos and especially like my FB page (www.Facebook.Com/PartyMoreStudyLess), It will help others find the videos.
@economicsfun10 жыл бұрын
That is great to hear and I do appreciate it as well. Good luck in your studies too.
@tsakanimaphophe712410 жыл бұрын
thank u so much,now i understand it. GOD blss you
@justinmalebe21875 жыл бұрын
Wow you made it all so simple thank you
@bggunny68957 жыл бұрын
that was a better explanation than my textbook!
@jhonnykokos85226 жыл бұрын
a lot of thanks for your video!!!!!!
@antoroma00930411 жыл бұрын
thank you very much... this is so clear... keep it up
@nanachan76989 жыл бұрын
i really like how u explain. thnx ^^
@tdmssoares9 жыл бұрын
This video made me easy to understand this matter. Congrats
@economicsfun9 жыл бұрын
Tiago Soares Thank you for writing me and letting me know my videos are helping you. Appreciate that! Hopefully you will like, share, subscribe, If you get a chance could you please like our FB page. www.FaceBook.Com/PartyMoreStudyLess It will help others find the videos.
@wlsonron8 жыл бұрын
Thanks much. Very helpful
@CastilloAlmita12 жыл бұрын
Thank you so so so much!! :)
@kemalakgol81668 жыл бұрын
so thanks for lectues and lessons...
@Cangirl9412 жыл бұрын
how I wish my econ teacher was as good as you!!
@economicsfun10 жыл бұрын
Thanks and luck in your classes too.
@TheAlcatrazz10012 жыл бұрын
thumbz up Sir you helped me develop my understanding for economics lmao.......... thnx thnx thnx
@knight2battle8 жыл бұрын
Lovely! Thank your very much!
@arimax88810 жыл бұрын
thank you very much for taking the time to explain this ^_^
@economicsfun10 жыл бұрын
You are welcome! And I appreciate the feedback.
@economicsfun10 жыл бұрын
Thanks! Appreciate that.
@economicsfun10 жыл бұрын
I use a variety of different software including photoshop, illustrator, HTML5, Final Cut, GarageBand and a few other products. Each video takes me a long time to create. My rule of thumb is each minute of video takes about 12 hours to create, so a 7 minute video takes me about 84 hours of development time.
@aaaakkkkiiiieeee11 жыл бұрын
keep it up tanx a lot!!!!
@economicsfun12 жыл бұрын
Thank you! I have channel on statistics (statisticsfun) and algebra too. Good luck in your classes and happy to hear that the videos help.
@mabuherra9 жыл бұрын
Thanks a lot for making this nice tutorial...... bless you :)
@economicsfun9 жыл бұрын
mabuherra You are very welcome. If you get a chance like on FB (www.FaceBook.Com/PartyMoreStudyLess), share, like the videos, and subscribe. It helps others find the videos.
@tuluvota10 жыл бұрын
duh....it makes much more sense now....thank you.....
@enzoromano12328 жыл бұрын
You are a genius
@32jerell10 жыл бұрын
Awesome...
@SecureOpsWizard7 жыл бұрын
Really nice video however Sir I think we're supposed to take the average of the two numbers in the denominator?
@Gagan11669 жыл бұрын
Thanks. Great Presentation :)
@economicsfun9 жыл бұрын
Gagan1166 You are welcome. Make sure you like MyBookSucks Facebook Page (www.FaceBook.Com/PartyMoreStudyLess) it will help others find my videos.
@economicsfun12 жыл бұрын
Great question! From a practical perspective this data could be collected via surveys or past sales figures. From an academic perspective the data is typical given in the problem.
@doritoserentos11 жыл бұрын
Thanx a lot!! :)
@economicsfun10 жыл бұрын
The biggest tip I can give you is don't try to put to much into an individual excel cell. I would recommend having only one calculation per cell instead of trying to have a bunch of parenthesis.
@economicsfun12 жыл бұрын
I have always thought animations help with learning economics, good to hear my videos are helping you.
@economicsfun12 жыл бұрын
@wendysuck In the end the negative sign is removed for convenience and hopefully ease of understanding. The PED is always "negative" but often the sign is removed so we can easily compare PED at different levels. This makes it easier (hopefully) then if PED less than 1 it is inelastic and greater than 1 PED is elastic. It may be confusing if there were negative signs too.
@economicsfun11 жыл бұрын
You are very welcome. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help other students find the educational videos.
@economicsfun11 жыл бұрын
You are very welcome! Make sure you like MyBookSucks on FaceBook (see link in video description). This will help other students find the educational videos.
@thezzach10 жыл бұрын
EXCELLENT
@winderkent11 жыл бұрын
Hi, Your videos are great! Do you have any videos on Mid Point Formula?
@zq1mp09 жыл бұрын
Well done; thanks
@economicsfun9 жыл бұрын
Ziad Boudiab You are very welcome. So what you are saying is, "MyBookSucks" If you get a chance like on FB (www.FaceBook.Com/PartyMoreStudyLess), share, like the videos, and subscribe. It helps others find the videos.
@aminnoorzai37827 жыл бұрын
thank u so much
@economicsfun10 жыл бұрын
You are very welcome! Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
@saswatirauth53038 жыл бұрын
so good
@UsamahMughal10 жыл бұрын
What tool did you use in this video? I liked it for sharing knowledge or explaining concepts. Thanks.
@economicsfun12 жыл бұрын
Thanks for the feedback. Yes, color does matter. Make sure you like MyBookSucks on FaceBook (see link above).
@economicsfun11 жыл бұрын
I plan to! I feel as tho I am just starting out.
@lunalovekiss_9 жыл бұрын
Please help!! I understand the formulas, but how come when I try to do it on my calculator, I get different results every time???
@economicsfun10 жыл бұрын
That is a great observation! If quantity changed and price remained constant, then we have to conclude something other than price of the good cause the change. The math does not exactly make sense. Thanks for your observation.
@economicsfun11 жыл бұрын
All these numbers depend on the product we are looking at or examining. Some goods are very sensitive to changes in price like gasoline (petrol). A small drop in price causes everyone to run to the pumps and fill up their tanks. It is important to note that my numbers are hypothetical too. I am only trying to show you how to make the calculations. In real life (or in practice) you would not see such a smooth revenue curve. Hope this helps. Do ask for more clarification if you need it.
@economicsfun12 жыл бұрын
Wow thanks! For a break from all the educational videos make sure to visit and like MyBookSucks on Facebook. You can find the link in the description of the video. MyBookSucks FB is meant to be fun and humorous. Thanks again and good luck in your studies.
@economicsfun10 жыл бұрын
Jenny, Right or wrong, in economics the negative sign is often disregarded. The reason is that the slope of the line is negative and can be seen as such. Hope that makes sense. Not the best answer, but that is the way it is.
@economicsfun11 жыл бұрын
You would be right!
@economicsfun11 жыл бұрын
Great to hear. Make sure you like MyBookSucks on Facebook (see link in video description). This will help other students find the videos too.
@economicsfun11 жыл бұрын
Great to hear! I plan to keep posting more videos. I have a channel on Statistics too. You may want to like MyBookSucks on Facebook (see description in this video). You will see links to my other channels. there.
@mbosaz10 жыл бұрын
Very nice video an explanation. What happens if the price do not change but the quantity does? Then Price % change will be zero, so division will not give a result. Thanks for your help.
@abdirizack91698 жыл бұрын
thanks bt sir .how did u get .5 for the first time
@SOSTacoJohnson11 жыл бұрын
@9:41 --- Priceless.
@economicsfun11 жыл бұрын
I would think want to calculate income elasticity of demand. It is calculated very similar, but you want to determine how an increase in income impacts demand. The formula is the %Change in Quantity / % Change in Income. OR (Q2 - Q1)/Q1 divided by (M2 - M1)/M1 where M = IncoMe. Make sense?