This video covers topic 2.3 of the AP Microeconomics Course Exam Description (CED). This video is about Price Elasticity of Demand, the qualities of elastic and inelastic demand, the total revenue test, price elasticity coefficients, and the relationship between marginal revenue and the price elasticity of demand.
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I would like to acknowlege the work of Dick Brunelle and Steven Reff from Reffonomics.com who’s work inspired many of the review games on ReviewEcon.com. I would also like to thank Francis McMann, James Chasey, and Steven Reff who taught me how to be an effective AP Economics teacher at AP summer institutes; as well as the countless high school teachers, and college professors from the AP readings, economics facebook groups, and #econtwitter.