Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Define price elasticity and explain the principles of elastic, inelastic, and unit elastic
supply and demand in the product market
- Explain the characteristics of goods and services that generally have more elastic and
inelastic demand
- Practice calculating the price elasticity coefficient and use that coefficient to identify the
ranges of elastic, unit elastic, and inelastic supply and demand in the market
- Demonstrate how elasticity can be identified by the slope of the supply and demand
curves
- Use the total revenue test to calculate total revenue before and after a price change,
indicate whether total revenue increased, decreased, or stayed the same, and then
identify whether demand is elastic, inelastic, or unit elastic in the market
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