00:02 Introducing the concept of elasticity in relation to demand and supply. 02:28 Price affects quantity demanded based on elasticity 06:52 Price elasticity of demand measures how quantity demanded responds to a change in price 09:40 Gasoline has inelastic demand due to lack of close substitutes. 14:44 The elasticity of demand depends on the market definition and the share of the good in the consumer's budget. 17:02 Goods have elastic or inelastic demand based on budget share 21:35 Understanding how to calculate percent change 23:42 Understanding percent change in test scores 28:29 Calculate price elasticity of demand using percentage change in quantity and price. 30:57 Calculating price elasticity of demand is not hard. 35:40 Calculation of the price elasticity of demand is easy. 37:47 Teaching approach impact on student understanding 41:52 Simplify complex formulas for better understanding 43:39 Calculation of elasticity is not hard, just remembering the basic formula makes it easier. 48:23 Interpreting price elasticity of demand 50:43 Understanding quantity demanded and demand curve shapes
Funny story, i had an economics class in my 2nd year of uni, and my professor gave us the overcomplicated formula for the PED and it made little to no sense to me back then. Looking back at it, it is so much easier and it actually makes perfect sense! Needless to say, i was lost the whole semester after this chapter :D. Thank you so much for doing these videos, they are amazing for anyone who wants to learn!
Dr Aevedo YOU ARE THE BOSS OF THE INTRODUCTION INTO ECONOMICS! YOU ARE THE GREATEST TEACHER. MY TEACHER GAVE ME FORUMA LIKE (Q1-Q2)/[Q1+Q2]/2 // (P1-P2)/[(P1+P2)/2] AND I WAS SO SHOKED
@@DrAzevedoEcon they are both using calculating elasticity right but when you apply these formula for a question their answer are not same that's way I can't understand point
Thank you so much! I barely passed my first quiz sinc3 im taking an online class and i have to read the book and try to make sense of it. Now that i see you explaining it in a different way i see how simple it is. I really appreciate your videos!
I enjoyed your lecture, especially the reflection on revising your approach to teaching this idea. I've been helping my daughter with her business calculus class, and your video helped make this more concrete.
This is exactly the reason why I felt so intimidated by this topic. The first thing my instructor did was they showed this formula, and even though now I see that it is basically very simple, in the classroom, I got frightened and the whole lecture went over my head. Now, after watching this video, I feel like this is literally the easiest thing that can be! The way of teaching can create a huge difference!!
It's simply mirrored. He answers that question in other vids. He is indeed right handed and the original recording is behind the board and everything is backwards. But it is uploaded flipped.
Day before i have test suddenly i listen to you about easy to calculate PED or E . You help me a lot because was not attending my clsss lecture for almost all semester because of alot of 🌧️🌧️🌧️. Finally i pass my test 13/15.🙏🙏🙏🙏
@@DrAzevedoEcon. I calculated and I gt price elasticity demand is 1/3 and I used your simple formula but classmate used that hard formula and he gt -0.2 and went check to that gbt and the answer is -0.2 . Please help to know the real answer. The question below 👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇 Find elasticity of demand given that when the price of a commodity is $ 4, the quantity demanded is 10 units, and when the price increases to $ 8, quantity demanded decreases to 8 units.
@@JELSONMAUKI Your calculations are correct. It appears that what your classmate is doing is calculating the elasticity without using the midpoint method. In my opinion, that is incorrect. The reason for using the midpoint method is that your answer is not dependent on which price you start with. If your classmate uses their method, they will get a different answer if they start with P=4, Q=10 than if they start with P=8, Q=8.
Sir great way of and teaching and u have a perfect knowledge of this subject your vedio is really helpful but sir u had made vedios on some topics(chapters) so, sir it would be more helpful if u uplode more vedio Thankyou sir
I have videos on many of the concepts that would be in a principles of macroeconomics or microeconomics course. Make sure to visit my channel and click on the playlist link. I may be uploading more videos in the future.
Dr Azevedo I had a question. Which is if we use the middle point method. We calculate the same problem using the formula (delta Qd/delta P)*P/Q. We will get different answers. In the pizza question By mid point method- -1.5 By the original formula- -2 Why?
I'm not completely sure I understand your question, but I'll give it a shot. When we calculated the elasticity of demand for pizzas using the midpoint method, we got -1.5. I then said something about a previous calculation where we got an answer of -2. Treat those as two completely different problems. We didn't have to calculate the percent changes in the first problem because we started with them. I hope that answers your question.
I hope this message finds you well. I am writing to seek your guidance on accessing the online homework platform for our course. If you could provide any instructions or resources on how to access the platform, I would greatly appreciate it. Thanks for your assistance.
00:02 Introducing the concept of elasticity in relation to demand and supply.
02:28 Price affects quantity demanded based on elasticity
06:52 Price elasticity of demand measures how quantity demanded responds to a change in price
09:40 Gasoline has inelastic demand due to lack of close substitutes.
14:44 The elasticity of demand depends on the market definition and the share of the good in the consumer's budget.
17:02 Goods have elastic or inelastic demand based on budget share
21:35 Understanding how to calculate percent change
23:42 Understanding percent change in test scores
28:29 Calculate price elasticity of demand using percentage change in quantity and price.
30:57 Calculating price elasticity of demand is not hard.
35:40 Calculation of the price elasticity of demand is easy.
37:47 Teaching approach impact on student understanding
41:52 Simplify complex formulas for better understanding
43:39 Calculation of elasticity is not hard, just remembering the basic formula makes it easier.
48:23 Interpreting price elasticity of demand
50:43 Understanding quantity demanded and demand curve shapes
Funny story, i had an economics class in my 2nd year of uni, and my professor gave us the overcomplicated formula for the PED and it made little to no sense to me back then. Looking back at it, it is so much easier and it actually makes perfect sense! Needless to say, i was lost the whole semester after this chapter :D.
Thank you so much for doing these videos, they are amazing for anyone who wants to learn!
It's very easy to make this more complicated than it needs to be.
I went from having next to no idea what I was doing with this concept to almost fully understanding it, with 1 watch. Thank you for this.
no words for this guy. everything is clear. he way the teaches is different .thank you sir.
This was so straightforward, I consider myself fortunate to have stumbled upon this channel. Thank you sir!
Dr Aevedo YOU ARE THE BOSS OF THE INTRODUCTION INTO ECONOMICS! YOU ARE THE GREATEST TEACHER. MY TEACHER GAVE ME FORUMA LIKE (Q1-Q2)/[Q1+Q2]/2 // (P1-P2)/[(P1+P2)/2] AND I WAS SO SHOKED
Thanks! Those formulas can be pretty intimidating. Glad to help!
@@DrAzevedoEcon they are both using calculating elasticity right but when you apply these formula for a question their answer are not same that's way I can't understand point
You have been a blessing!!! Thank you for your way of explaining it and making it easy to understand!!
Thank you so much! I barely passed my first quiz sinc3 im taking an online class and i have to read the book and try to make sense of it. Now that i see you explaining it in a different way i see how simple it is. I really appreciate your videos!
Thank you so much professor, thanks to your videos I passed my exam. Hello from Seoul
You are great in teaching way and the explanation. thanks for giving such lectures I'm UA-cam.
Thank you so much! I really appreciate how straightforward you made this
. Thanks again for making things so simple!
Thanks you so for your lecturing.
It's helped me during my exam, from south Sudan 🇸🇸🇸🇸✌️
I enjoyed your lecture, especially the reflection on revising your approach to teaching this idea. I've been helping my daughter with her business calculus class, and your video helped make this more concrete.
I'm glad the video helped!
Thank you so much Dr Azevedo! I am doing an online class and it was so difficult to make it as simple on my own.
This is exactly the reason why I felt so intimidated by this topic. The first thing my instructor did was they showed this formula, and even though now I see that it is basically very simple, in the classroom, I got frightened and the whole lecture went over my head.
Now, after watching this video, I feel like this is literally the easiest thing that can be! The way of teaching can create a huge difference!!
I'm glad it made sense for you!
I think it can definitely be said that you explained this better than my microeconomics teacher.
Thank you! Glad to help.
Thank you so much for this video!!!! You took Time in explaining this concept!!!
thank you so much for everything teacher your videos are extremely beneficial and clear
Am I the only one here appreciating how well he writes backwards?
Wait, he's writing backwards????
It's simply mirrored. He answers that question in other vids. He is indeed right handed and the original recording is behind the board and everything is backwards. But it is uploaded flipped.
Day before i have test suddenly i listen to you about easy to calculate PED or E . You help me a lot because was not attending my clsss lecture for almost all semester because of alot of 🌧️🌧️🌧️. Finally i pass my test 13/15.🙏🙏🙏🙏
Congratulations! I'm glad I could help out.
@@DrAzevedoEcon.
I calculated and I gt price elasticity demand is 1/3 and I used your simple formula but classmate used that hard formula and he gt -0.2 and went check to that gbt and the answer is -0.2 . Please help to know the real answer. The question below 👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇
Find elasticity of demand given that when
the price of a commodity is $ 4, the
quantity demanded is 10 units, and when
the price increases to $ 8, quantity
demanded decreases to 8 units.
@@JELSONMAUKI Your calculations are correct. It appears that what your classmate is doing is calculating the elasticity without using the midpoint method. In my opinion, that is incorrect. The reason for using the midpoint method is that your answer is not dependent on which price you start with. If your classmate uses their method, they will get a different answer if they start with P=4, Q=10 than if they start with P=8, Q=8.
U are the best sir ..... much love from Ghana 🇬🇭🇬🇭🇬🇭
Thank you!!
The structure is very clear. It's easy to understand.
Amazing lecture! Chapeau!
Thanks!
Thankyou professor, your lectures have helped me alot for my ECON course
I was so frustrated and confused with this and it mostly cleared things up thank you!
You're welcome! I'm happy to have been able to help.
You are an awesome teacher! Thank you so so much for helping me understand ❤
Thank you! I'm happy to help!
Arigato sensei😭😭😭😭😭
You've saved me🤧🤧
Amazing vedio , made it crystal clear 🙏🏼
I will follow you for ever
Thanks. You are an Excellent tutor🤝
You're welcome! Glad to help.
Thank you. I really appreciate these lectures.
Thank you Dr. Azevedo you're quite right t way you teach it is brilliant very understandable
You're welcome! Glad the videos are helpful!
You are very helpful i really Appreciate ❤😊
Sir great way of and teaching and u have a perfect knowledge of this subject your vedio is really helpful but sir u had made vedios on some topics(chapters) so, sir it would be more helpful if u uplode more vedio
Thankyou sir
I have videos on many of the concepts that would be in a principles of macroeconomics or microeconomics course. Make sure to visit my channel and click on the playlist link. I may be uploading more videos in the future.
Thank you Sir for this approach ..i finally got it!
thank you so much sir! Your lecture is so amazing and easy to understand
You’re welcome!
Thank u sir. Love from Bangladesh
Thank you!
Thank you Sir 🥰 your videos help me a lot
Wow!! very good teacher thank you
Thank you....glad to be of help.
Dr Azevedo
I had a question.
Which is if we use the middle point method.
We calculate the same problem using the formula (delta Qd/delta P)*P/Q.
We will get different answers.
In the pizza question
By mid point method- -1.5
By the original formula- -2
Why?
Is the mid point method more accurate?
I'm not completely sure I understand your question, but I'll give it a shot. When we calculated the elasticity of demand for pizzas using the midpoint method, we got -1.5. I then said something about a previous calculation where we got an answer of -2. Treat those as two completely different problems. We didn't have to calculate the percent changes in the first problem because we started with them. I hope that answers your question.
❤i do self studies from this videos thank you sir
You're welcome!
straightforward ! great
Thanks!
Thank you sir for clear explanation.
Thank you Dr. Azevedo
You're welcome!
Thank you, now I have understood well😊❤️
Happy to help! Thanks for watching!
Thank you. I really do understand the PED formula. You did a great work by coming up with that formula ☺️ ✌️🙏
thank you so much. this is helping me big time
Very happy to have helped!
This is actually one of the simplest ways to calculate PED, if I didn't stubble across this I think I'll have a hard time with this chapter
I hope this message finds you well. I am writing to seek your guidance on accessing the online homework platform for our course.
If you could provide any instructions or resources on how to access the platform, I would greatly appreciate it.
Thanks for your assistance.
thank you so much professor!
what is the value of that 20 we are using alwys
I'm not sure what you are asking here....can you be more specific?
You are a good tr
Unquestionably you are my best Economist of all time i 💓 and enjoy your Lectures
But there is no Utility Chapter in the playlist can you upload it plz
Wow this is wonderful. Please sir how can I get to you for classes in preparation of my GCE advance level 2023-2024?
I actually teach Principles of Macroeconomics and Principles of Microeconomics online every summer at the University of Central Missouri.
I love you, sir
Thanks for the content!
What book is this based on?
Principles of microeconomis
I hope you have courses online
I Love that ❤
Should've went with a red marker, professor. But this was very helpful
thank you sir!!
You're very welcome!
Thank you 😊
Thanks!
Happy to be able to help!
Thank you so much!
thank you
Thank you!!
You're welcome!
The accent when he says measure is so cuteee 😩🥵
Ha! That's my Missouri Ozarks accent coming through.
What a video
❤
👍
Screen in blurr but lacture is awesome
You should check the playback settings for the video. The screen shouldn't be blurry.
28:15
🎉
44:44
"Let's take pepsi" *breathes heavily through nose, smacks lips*. Is this Senator John Kennedy's brother? Sounds just like him.
Thankyou very much professor...❤❤
I am very grateful to you😊🤍
You're welcome! Happy to help!
Thank you so much professor!
thankyou so much sir!