Calculating the Elasticity of Demand 

Continue learning with practice questions: mru.io/cx5

This is so much better than my professor reading off slides that I am paying thousands of dollars for....

I'm 15 and I'm learning so much from this. I wanna become an economist.

Very helpful for someone taking a college level online economics class and I have to teach myself everything, now it makes sense. Edit: Idk why I’m getting responses on this comment so many yrs after making it. I don’t even remember the class I took. It was probably in my freshman yr of university. It was helpful at the time that’s it. It was required of my degree to take economics as a business major. And yes you can probs take this in high school in AP or something idk nor do I care. Like yeah in college you have to take stuff you probably could’ve gotten credit for in high school. I got college credit on history and English classes not science or math. Some classes you can’t get AP credit for. Anyways yeah that’s all I have to say.

This is the best I've ever come across. Self explanatory , easy and interactive. Very very helpful thanks a million.

I wish that these guys were my profs back then excellent teaching .. thumbs up.

Why are you making so much sense?

The curve of corn is inelastic and in case of inelastic demand curve the revenue rises with the increase in price. In the given year, there will be a shortage of supply which will increase the price and shift the supply curve up and left. So, as the price is increased the revenue of farmers will increase.

I'm getting my Masters from a top tier (USNWR top 3 in this area) university. The professors here are fantastic and my microeconomics professor is one of my favorites. They are not as effective as these guys. Your knack for avoiding jargon, the build of the curriculum is excellent with no surprises so far, the avoidance of comprehension-killing abbreviations, and the tie-in to real world scenarios is simply outstanding. I am in my late 50s, a physician scientist and have sat through tens of thousands of lectures. You 2 are among the GOATs. I mean it. Gentlemen, you have created a phenomenal legacy and should be VERY PROUD!. Thank you all. Do you have a biostatistics channel?? LOL

when yield in going down the supply will be less and the price will go up. thus when the price goes up and the demand goes down by just a little we get more revenues and a inelastic curve. Also the reason why the demand will go down just by a little is because the substitute of corn that is soybeans is also not more in supply.

"I can never remember myself so I always draw these little graphs". Somehow I doubt that but this guy is a legend. Made it so easy to understand.

I have learned more in 15 minutes then the 3 hour lecture for micro economics. thank you

Such clarifying class. Congrats for this great job!

We have some great free study resource collections for A level Economics and IB Economics - click here www.tutor2u.net/economics/collections

I am a student of BBA in Afghanistan I really enjoy studying withyou all thanks a lot

You make it look really simple. Great work! Thank you!

For the first time, i understand how to calculate elasticity perfectly. Thank you. This is way better than my professor's explanations. I've subscribed to your channel.

Oh my God thank you so much you have saved me. I've been struggling in my college Economics class and was desperately needing a breakdown of how to calculate elasticity in each of these situations. Thank you, thank you, thank you

Great video! Easy to follow and well produced.

Wow, 6 hours trying to figure this out from the materials my University provided. Now I have it down in 30 min. (only because I stopped to take notes and apply this to the problems I've been trying to solve!)

This video helped me to finish my Agricultural assignment, thank u, it was delightful watching this it really helped

I dont understand why or how you make so much sense, but you do. Thank you for all your help

ive commented before but really your videos have helped me so much. much better than textbook honestly saying. thank you for your great work :)

This was an amazing video. Keep up the good work and make more.

Wow this was incredibly helpful! Thank you!

Very helpful for going back to the basics on how to calculate elasticity. Especially for midterms!

Thank you...you have no idea how you made learning elasticity easy for me

Thank you from someone from 9th grade and is currently working on my homework related to this lesson. Oh wait I'm done thanks to you, it's fast and easy

You are a life saver. Thank you so much.

Nothing shot of Laudatory Lecture Wow😲.... Excellent 🤞🏾😁

Thank you so much. The content is easy to follow and engaging.

This video is very useful. Wished I had found this when I was in school.

I didn't feel that I'm in home and learning this much .Thank you its very helpful.

Thank you. It is so beneficial for me to understand elasticity. Keep going.

thank you so much, i really understand the concepts better now!!

Thank you so much this was so straight forward

I've been really stuck while learning economics but this really helped me!!

Thank you, very useful

Awsome quality! Thanks

Very very helpful my ma'am cannot teach like this in her whole lifetime

very comprehensive, i appreciate it.

Thank you so much, it was very helpful

Its great that you can download the video!

Wow I surprised ❤ this lesson series is better than our prof lectures readings ❤

Waoo it's so clear, thanks proffesor 😀

This was very helpful thank you very much.

very good helpful i have an exam on friday with your way of teaching ill do more better than before thanks

Thank you very much this really helped me.

His voice reminds me of Ross from Friends. Great content!

Welp. I wasted 1 hour of reading and still banging my head against a wall, when I could have just watched 15 minutes and understand it.

Waw i really enjoy it. Very simple to comprehend

thanks, sir. your teaching is very helpful.

This is beautiful!!!

thank you , you made it so understandable

Thank you for explaining clearly

Thanks a lot this is great explanation 👍

thank you so much sir, this was more understandable

Thank you very much It was really helpful.

Great video! Thanks

This is really better , Love from India 🥰

Nice video. Very helpful

Amazing!! Thank you 🎈

Very very well explained 🙌👍

This video came through for me really

Thank you so much !!!!

God bless you! This, plus reviewing the lecture 2x and reading correlated chapters in Economics for Dummies, I can do this!

so much helpful... thank you

Hats off the best teachers ever, and here I am paying thousands for my professor not even coming to lectures 💀

thank you so much. really helpful

Most useful video

I really wish you were my professor. Damn! Your presentation is really easy compared to my proffesor.

Thank you so much sir, now I am able to solve problems

this was much better helpful thnc a lot😊😊😊

Finally I`m saved. Thanks a lot sir

you are a lifesaver

Great work

THANK YOU!!!

very helpful

Thank you so much sir!

This is excellent

Thankyouuuu so much!❤️❤️❤️❤️

Thank you professor

Since the yield must have decreased, the amount supplied must have decreased in the market. Therefore, the supply curve shifted to the left. As a result, the equilibrium quantity is of a lower amount than the previous quantity demanded. If the demand curve remained the same, then it would be fair to say that the price has increased as a result of the shift in supply. However, if the total revenue increases for farmers because of the increase in price, it would be safe to say that the demand curve was inelastic, at least in the short-term.

Thnx fr the knowledge

very helpful and thank youy

Thanks doctor 💚

So is so easy and interactive to understand! Could you still help me out on this one? Product falls to 6$ to 8$ causing demand to extend from 1250 to 12500.

Good explanation

Slope of the demand curve gives clue of the elasticity type. Curve ( or slope ) formula is rise= P / run = Q. A steep one will be inelastic as price (p) rise more than demand (Q) decrease. (or vica versa)

Thank you very much! Can you go to Penn State and teach them how to teach this please?!?!?! That said, GO LIONS!

Thank you sir very useful sir

Love from India❤️❤️❤️

Very nice, thnx.

Super teaching

How do I do this on a calculator?

hi, i have a question. if the price elasticity of demand is -1.4 which is negative. is it considered to be inelastic because its less than one, or is it elastic because we don't consider the negative and we only take the number so its going to be greater than one. thank you

Thanks a lot

thank you so much

When the yield is going down the unit price should increased. So farmers can earn more profit because corn & soybean have inelastic type demand curve. Am I correct sir?

thanks this is good