More on total revenue and elasticity | Elasticity | Microeconomics | Khan Academy
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- Опубліковано 13 жов 2024
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Clarification on the relationship between total revenue and elasticity
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Thank you for taking on these tougher concepts! Very helpful
yaar u r vry best, 4am no sleep but nw i am goin for d pharm, thx,,,,,,,
I owe you a thanks Sal, It was really helpful for my semester exam
Tnx Mr. Academy...,, I will become farmcist now
sorry this video lost me, but i understood everything up to this one. i'll rewatch them all over again and again.
how long would you surmise that I could internalize this inforation, to such a degree as to really remember it?
About 30 mins of thinking and a good night of sleep always do the job
Thank you so much ✨
What if for TR3, the change in P3 and Q3 is 50%? Why the elasticity is 0.75? Inelastic, not unitary?
ALWAYS THE BEST🎉
Liked this video from Antarctica
wow amazing thank you
why when its inelastic the total revenue goes down? plz give a practical example
its been 2 years, but how i understand it is that when a good has an inelastic demand this means that when the PRICE INCREASES the quantity demanded decreases less in percent. Meaning that producers can get away with increasing the price and still get more total revenue=profit. So now if the producers were to decide to drop the price, sure they would have a slight increase in quantity demanded, but its such a small increase its not worth it! You can think about it as a rubber band, inelastic demand is very static and the change in quantity demanded changes only slightly so producers can always increase the price without worrying too much that customers will lose interest, now in elastic demand, a slight change in price can cause for an extreme change in quantity, therefore its elastic. Inelastic goods are usually very vital and dont have many substitutes, for example insulin. elastic good are not essential and there are "infinitley many substitues" meaning that if for example a candy shop increases its prices even slightly upwards, for example chupachups increases from 2dollars to 3dollars, a lot of people will just go to the shop next door and buy their candy there for the original price of 2dollars, so in other words elastic goods have little price movement. i hope this helps.
Sal da man
Seriously, why are you drawing straight lines and saying the slope or 1/slope of line i different at different parts? It kills me since I get what you are trying to explain but it just seems wrong mathematically :(
But it is not. Thats the plot twist.
It is about %, as for the simplest just remember that.
Who all are watching this video even after 12 years and for their exams...