I have Wasted Coaching Fees Rs. 40,000. But I don't have Understand anything from my Tuition but this Channel helps me a lot. It is much better than any Courses or Tuition etc.
wow. interesting and SOOO much better than whatever my microeconomics was trying to explain in a 2 hour lecture. this was clear and to the point. thank you so much!
This is so goood! I was reading my textbook and had no idea what was going on. Look at your video and I get it; I feel as if I don't need to memorize as I get it. Thank you so much!
Thank you so much! Your explanation and examples make it so easy to understand the concept of Elasticity. I was reading the textbook and it didn't make sense, but watching this video clarifies the concept of elasticity.
I really like your videos. They have helped me alot. However, changing the price in toothpicks from fifty cents to a dollar is a 100% increase. 50% increase would be seventy-five cents.
Thank you for a great lesson, this can not only work in real life, but also in a game like Runescape that have its own marketplace, like food supply and weapons were food is elastic and weapons are less elastic.
Well it's a 50% increase if you think that 50 cents are 50% of a dollar, instead of viewing this as 1 dollar is a 100% increase of 50 cent. But that's just the way they you look at it.
$0.50 to $1.00 for the price of toothpicks is a 100% increase in price, not 50%. Just to illustrate that it's an even larger price increase than you stated, and still it isn't considered a big deal.
Thank you so much…i keep commenting ..as want such pedagogy should reach out to maximum and they can gain more with less effort…Consumer optimisation 😎
+Shiv Shanker You should review some of the videos from earlier in the course. We begin by covering the demand and supply curves, and equilibrium price. These should help with your homework. Good luck! - Meg (Link: ua-cam.com/video/7eZcPs9z9OA/v-deo.html&nohtml5=False)
It's honestly infuriating that the x axis (input) is quantity sold and the y axis (output) is price. Who the F did that bit of ass-backward reasoning? I have to reverse all of my intuitions about how to use the supply and demand curves. You guys even say "price causes a change in quantity demanded" because that's absolutely the common sense way to think about it. You have direct control over the price and only indirect control over the quantity demanded via the price. But my brain is wired from a decade of math class to look to the x axis for the input (which would be PRICE) and the y axis for output (which is QUANTITY).
"Although it is normal to regard the quantity demanded and the quantity supplied as functions of the price of the goods, the standard graphical representation, usually attributed to Alfred Marshall, has price on the vertical axis and quantity on the horizontal axis." en.wikipedia.org/wiki/Supply_and_demand ALFRED MARSHALL
Continue learning with practice questions: mru.io/sxs
This man just summarised an entire chapter of my textbook in 14 mins
This channel is highly underrated! The concepts are taught in such a simple and lucid manner. Absolutely brilliant 👏
Dear Alex, the fact that you are an Iranian not only makes me more thankful but proud too.
love and respect from Iran
I enjoy and understand these lectures more than my microecon class. Thanks for the help.
Absolutely brilliant. These guys are tons better than the economics courses I normally use for school.
I have Wasted Coaching Fees Rs. 40,000.
But I don't have Understand anything from my Tuition but this Channel helps me a lot.
It is much better than any Courses or Tuition etc.
I'm in the best business school in France, and this teacher is by far better than mine. Where is all my money going to ??
He's the best lecturer of economics.
You deserve 5* rate!
wow. interesting and SOOO much better than whatever my microeconomics was trying to explain in a 2 hour lecture. this was clear and to the point. thank you so much!
so good! I'm studying for my mid term. I didn't understand a bit from my professor. So grateful... Thank you.
This is so goood! I was reading my textbook and had no idea what was going on. Look at your video and I get it; I feel as if I don't need to memorize as I get it. Thank you so much!
Thank you so much! Your explanation and examples make it so easy to understand the concept of Elasticity. I was reading the textbook and it didn't make sense, but watching this video clarifies the concept of elasticity.
This video has helped me so much with my project so glad I found this
This guy brings relief to my studies
Thanks very much I've got a lot,than my University. Teacher,Be blessed,
Very useful teaching methodology for beginners like myself. Hope brief notes will be available for further reading and reference
thanks for you supports young economists and also i thank for your effort that paid the economics...
You just saved my life before the exam thank u
Thank you so much for this video! can you write down the answer steps for the practice questions please? Thank you in advance
i'm taking introduction to economics in my university and took me less than 30 mins to be ready for my exam thank u very much
I really like your videos. They have helped me alot. However, changing the price in toothpicks from fifty cents to a dollar is a 100% increase. 50% increase would be seventy-five cents.
It will be clear in the next video actually he used the average to calculate percentage changes
Thank you for a great lesson, this can not only work in real life, but also in a game like Runescape that have its own marketplace, like food supply and weapons were food is elastic and weapons are less elastic.
Thank you! My instructor needs to take lessons from you. =)
Thank you for this... very very helpful... clearer understanding!!!!
I really understand and achieve more knowledge than i think.Thanks
Mian Salman Microeconomics class 12 CBSE 2018 ua-cam.com/video/h2H6KSfzfAc/v-deo.html
Thank you Prof Alex Tabarrok!
This was an excellent lecture.
Another great video!
11:53 "Consumers probably won't even notice whether toothpicks are 50 cents or a dollar. That's a 50% increase in price..."
:O
+Martin Epstein from 50 cents to a dollar that`s 100% price increase, as far as I`m concerned
Well it's a 50% increase if you think that 50 cents are 50% of a dollar, instead of viewing this as 1 dollar is a 100% increase of 50 cent. But that's just the way they you look at it.
two hours untill exam lets go thank you for this great video
Did you pass or fail?
I DEMAND more
Thank you for the clear explanation
Well explained .Thanks for posting!
this class is better than physhical class..
Now it is all clear,,,,,,,,,,,,,,,,,,,,,thank u sir.
You guys the absolute best!!! Wow u saved me. Thank you
wonderful content an easy to understand explanation. Thank you!
Great videos. I learned what I needed to learn. Thanks for posting
Beautiful intro to elasticity of demand...
$0.50 to $1.00 for the price of toothpicks is a 100% increase in price, not 50%. Just to illustrate that it's an even larger price increase than you stated, and still it isn't considered a big deal.
Great tips!... Keep uploading thank you!❤
The narrower the classification the fewer substitutes and the more elastic the curve
This video was so helpful
Please explain total outlay method and ARC elasticity of demand
Thank you so much…i keep commenting ..as want such pedagogy should reach out to maximum and they can gain more with less effort…Consumer optimisation 😎
thank you,you helped me a lot
I am loving these videos! Thank you for posting!
thanks sir..
I have a question that my teacher asked me..
the question is that "why price is on y axis and quantity of demand is on x axis"??
+Shiv Shanker You should review some of the videos from earlier in the course. We begin by covering the demand and supply curves, and equilibrium price. These should help with your homework. Good luck! - Meg (Link: ua-cam.com/video/7eZcPs9z9OA/v-deo.html&nohtml5=False)
Marginal Revolution University thanks sir
It's one of those foundational concepts
Thank god and thank you for making it easy.
Awesome info.
On the elastic demand curve , the quantity demanded is more responsive to the price than it is on the the inelastic demand curve
that sounds so helpful. thanks
Well understood
Thank you for the help.
the reponsiveness of demand to a change in price
Now I wonder why I didn't understood from this man... the whole year is wasted eh! 🙂
Thank you ❤
iliq haresva tova!
Thank you sir.
Thank you sir for such a simple explanation!!!
I love your channel!
thanks for the videos!
Thank you for your videos
Thanks for nice video .
awesome guy very helpfull
Thank you!!!
helps a lot thank u so much
great video again wow!
Thank you.
very thanks
Thank you
Thank you so much love you ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️
thanks alot
fantastic
The quantity is changing a lot in response the price
thanks a lot sir!! helped much :)
awesome!!!
Ethiopian coffee, elastic demand loved
thank uuu
Masterpiece teaching five star
Linear
is there any pdf file copy for this video ?
No, there's just the video. Sorry about that! -Meg
How bout we get working on it. Sorry about that!!
+centexn relax
Can one become an economist without maths?
11:53 - from $0.5 to $1 it's a 100% increase. Sorry! Just trying to look smart here.
There would be more Sprawl if the price is low
I would bargain when the purchase is a large fraction of the budget
Toothpicks increase in price from 0.5 to 1 is a 100% increase in price isn't it?
yes but its a relatively small increase to a consumer, thus the quantity demanded will not change.
People in Europe adjusted due to taxes
Small items, in the short run , more inelastic
why?
4:43
me gusta
👍👍💜
Generic aspirin
Do monopoly
Subsidy
Ethiopia
It's honestly infuriating that the x axis (input) is quantity sold and the y axis (output) is price. Who the F did that bit of ass-backward reasoning? I have to reverse all of my intuitions about how to use the supply and demand curves.
You guys even say "price causes a change in quantity demanded" because that's absolutely the common sense way to think about it. You have direct control over the price and only indirect control over the quantity demanded via the price. But my brain is wired from a decade of math class to look to the x axis for the input (which would be PRICE) and the y axis for output (which is QUANTITY).
"Although it is normal to regard the quantity demanded and the quantity supplied as functions of the price of the goods, the standard graphical representation, usually attributed to Alfred Marshall, has price on the vertical axis and quantity on the horizontal axis."
en.wikipedia.org/wiki/Supply_and_demand
ALFRED MARSHALL
Toothpick
If the price of a toothpaste goes from 50 cents to a dollar , it will be 100% change in the price... Not 50
Moped
Just bettter thân a course of thousand dollars