Why do economists use elasticity instead of slope?
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9 ай бұрынThis video explains why economists prefer to use elasticity rather than slope when describing the shapes of curves, including demand curves.
@lamarnash2439 9 ай бұрын
Great lesson, part of me never ask why until now. Thank you.
@mrwile127 5 ай бұрын
Top-class, lessons. I find myself searching your name with any economic problem I'm having trouble understanding hoping that you have a video on the topic.
@FaisalKhan-he5xl 7 ай бұрын
good explaination thank you sm :)
@silencejereflechis3522 9 ай бұрын
I'm confused about the part with the slope possibly having different values. That's not really the case. In your example, the slope isn't either -1 or -1/16, but either -1 *$/lb* or -1/16 *$/oz*, which is, of course, the same thing. Is the problem that economists don't want to work with different units depending on the situation? (I mean, that's what physicists do all the time, but I understand it could be more complicated when using imperial units ;).) Good video, though, thanks.
@raisaalex7363 3 ай бұрын
Elasalsity Drawing Graph Y to x Graph Line Upwoard to Down Word.
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