I have a midterm coming up this Friday; your videos helped me a lot. You are a great professor, and I hope you continue to teach students with your knowledge :)
It is not easy to find people with knowledge and willing to share it with others like you, really thank you you help me a lot to understand econ and make it so interesting
i'm a cs student, who is taking econ as an elective to fill my full-time enrollment requirement while devoting most of my time to other classes. this helps a lot! just the format I wanted.
Thanks for your well-structured videos😀. You help me a lot in learning microeocnomic concepts and preparing for exams. I just had a midterm last week, and I score 85%! 🤩(although mean is 79%, only get 0.5 SD above mean😅). Without your teaching, I probably get below mean because I know nothing about economics before taking this course.
a huge thank you!! I have a course in economics and english is my second language, but your explanations are perfectly understandable, contrary to my professor’s :(
@@temaalyanoglu1110 It can be calculated for a decrease in price as well as an increase. When price goes down, quantity demanded goes up, so the sign of the elasticity is still negative.
Hello Dr Azevedo, Hope you are doing well. I have a doubt regarding the topic of elasticity within a demand curve, with the upper half being more elastic than the lower. I am unable to find material online regarding that clarification and was hoping that you could help me with that question along with an example. 22:30 Thank you very much for the content that you have put out. It has truly been of great help. 🙏🏼. Best wishes.
Here's an example. Consider the demand curve P = 10 - Q. This would obviously be a straight line with a vertical intercept of 10 and a slope of -1. We can calculate elasticity between a couple of point on the top end of the demand curve. For example, if you calculate the elasticity for the prices of P=9 and P=7, you will get PED=4. You can then compare that to the elasticity for a couple of points on the bottom end of the demand curve. If you calculate the elasticity for the price of P=3 and P=1, you will get PED=1/4. Demand is elastic on the top end and inelastic on the lower end. I hope that example helps!
This video helps me a lot but there is one thing in the video that I believe it is not 100% true in every nation. Your example of the corn can be true in America because agriculture is not the most profitable industry in America but talking about developing nations such as Southeast Asean countries where agriculture still takes control of the economy, applying techonology do help increase the income of the farmers.Thank you!
You're correct! That example would be completely reversed if demand was elastic. Demand for different goods and services can be very different in markets around the world. Keep in mind that what matters when supply shifts is not whether the industry is large or small or whether it is very profitable or not profitable at all. The thing that matters in this example is how consumers respond to a change in the price. If demand is inelastic (as in my example), the increase in supply will drive revenue down, and if demand is elastic, the increase in supply will drive revenue up. What would have to be true for this example not to apply to a particular country is demand for corn would have to be elastic. In other words, when the price of corn falls, people would need to respond by purchasing a lot more corn. One of the things that determines the elasticity of demand is the share of the good in the consumer's budget, so it is certainly possible that if corn purchases were a relatively large share of consumer's budgets, they could respond a lot to a decrease in the price of corn. Of course, this applies to anything...not just corn.
i want to say thank you for this video .i need asking some question for you Some people will pay a higher price for brand-name goods. For example, some people buy Rolls Royces and Rolex watches to impress others. Does knowingly paying higher prices for certain items just to be a “snob” violate the law of demand?
I have a midterm coming up this Friday; your videos helped me a lot. You are a great professor, and I hope you continue to teach students with your knowledge :)
did you pass
@@yusufensartopcu2872 us ...did u pass?
me too i have a midterm on friday october 4th
You are a great teacher. Even in physical class I could not understand these stuffs and you did it in a online class.
Thank you so much, I have a midterm exam and your videos are helping me so much, like you have no idea!
It is not easy to find people with knowledge and willing to share it with others like you, really thank you you help me a lot to understand econ and make it so interesting
i'm a cs student, who is taking econ as an elective to fill my full-time enrollment requirement while devoting most of my time to other classes. this helps a lot! just the format I wanted.
DU se hai kya bhai 😂
Your teaching is well summarised.
Watching and learning from Zambia
Thanks for watching!
hello sir i really love your teaching, it actually helped me understand concepts better.
I was really very impressed by your explanation and the way you make it simple.
Thank you very much for taking the time to assist me. Your help has been precious.
Your videos really helps a lot . Thanks for the hard work.
Thank you so much professor, thanks to your videos I passed my exam. Hello from Seoul
Thanks for your well-structured videos😀. You help me a lot in learning microeocnomic concepts and preparing for exams. I just had a midterm last week, and I score 85%! 🤩(although mean is 79%, only get 0.5 SD above mean😅). Without your teaching, I probably get below mean because I know nothing about economics before taking this course.
Great job! Glad the videos have helped!
a huge thank you!! I have a course in economics and english is my second language, but your explanations are perfectly understandable, contrary to my professor’s :(
It is 22:57, and I'm still listening for my midterm is tomorrow
Great Teacher! My uni lecturers should learn from him.
Thank you so much. I dunno what I would have done without your help!
Glad I can help!
@@DrAzevedoEcon Dear ,sir. Can Elasticity only be measured when there is an increase in price ? Or reduction is also possible?
@@temaalyanoglu1110 It can be calculated for a decrease in price as well as an increase. When price goes down, quantity demanded goes up, so the sign of the elasticity is still negative.
@@DrAzevedoEcon Thank u , sir !
Thank you! You are great at what you do
Thank you!
Hello Dr Azevedo,
Hope you are doing well. I have a doubt regarding the topic of elasticity within a demand curve, with the upper half being more elastic than the lower. I am unable to find material online regarding that clarification and was hoping that you could help me with that question along with an example. 22:30
Thank you very much for the content that you have put out. It has truly been of great help. 🙏🏼. Best wishes.
Here's an example. Consider the demand curve P = 10 - Q. This would obviously be a straight line with a vertical intercept of 10 and a slope of -1. We can calculate elasticity between a couple of point on the top end of the demand curve. For example, if you calculate the elasticity for the prices of P=9 and P=7, you will get PED=4. You can then compare that to the elasticity for a couple of points on the bottom end of the demand curve. If you calculate the elasticity for the price of P=3 and P=1, you will get PED=1/4. Demand is elastic on the top end and inelastic on the lower end. I hope that example helps!
AWSOME TEACHING SIR
IAM TRULY BLESSED TO HEAR YOUR VIDEOS
Thank you so much! Your videos are extremely helpful
This video helps me a lot but there is one thing in the video that I believe it is not 100% true in every nation. Your example of the corn can be true in America because agriculture is not the most profitable industry in America but talking about developing nations such as Southeast Asean countries where agriculture still takes control of the economy, applying techonology do help increase the income of the farmers.Thank you!
You're correct! That example would be completely reversed if demand was elastic. Demand for different goods and services can be very different in markets around the world. Keep in mind that what matters when supply shifts is not whether the industry is large or small or whether it is very profitable or not profitable at all. The thing that matters in this example is how consumers respond to a change in the price. If demand is inelastic (as in my example), the increase in supply will drive revenue down, and if demand is elastic, the increase in supply will drive revenue up. What would have to be true for this example not to apply to a particular country is demand for corn would have to be elastic. In other words, when the price of corn falls, people would need to respond by purchasing a lot more corn. One of the things that determines the elasticity of demand is the share of the good in the consumer's budget, so it is certainly possible that if corn purchases were a relatively large share of consumer's budgets, they could respond a lot to a decrease in the price of corn. Of course, this applies to anything...not just corn.
thank you I understand now!!!
Thanks a lot .. You have cleared my all confusion.
Great lectures. Im doing an online micro and in the dark with the book so this helped
You are a great teacher.
thank you so much! you help me a lot lovely professor
You're welcome! Glad to help!
Welcome to 🇹🇿🇹🇿🇹🇿 amd teach many students especially in our college✌️✌️✌️
Thanks for watching!
I appreciate the class sir!!!
Thanks for watching!
u are life saver professor
A very clear explanation. Thank you!
i want to say thank you for this video .i need asking some question for you Some people will pay a higher price for
brand-name goods. For example, some people
buy Rolls Royces and Rolex watches to
impress others. Does knowingly paying higher
prices for certain items just to be a “snob”
violate the law of demand?
Thank you very much sir🥰🥰
You're welcome!
thx!!!really helpful and easy to understand!
Sir, you helped me a lot. I am from Bangladesh and I study at the University of Dhaka. Where are you from?
is there a way to get your questions and assignments to practice?
can u suggest best numerical practice proablem for microeconomics
Thanks a lot!!!!
You're welcome!
luv u sir
just wow!!!!
Just excellent
Thank you
legend·
I am not able to see the episode 6
seems like a lot of us are here prepping for our mid terms that is knocking at the door
thank youuuuuuuuuuu
I this case PED should be infinite delta P by delta Q.
Powerful lesson. Thank you very much!
You're welcome!