I suppose an alternate title could be “A Lesson on Elasticity in Four Parts.” Elasticity is an important concept, since it’s used extensively throughout both microeconomics and macroeconomics, so I guess you can’t learn too much about it, right?
The first video introduces the concept of price elasticity of demand and shows how it’s calculated (hint: it’s NOT just the slope of the demand curve).
The second video continues on and gives some general rules about price elasticity of demand.
The third video compares two methods of calculating elasticity.
The fourth video briefly introduces other elasticities, such as price elasticity of supply, income elasticity of demand and cross-price elasticity.
See, you would think that this would complete the discussion on elasticity. But no, I have one more video coming on an application of elasticity. And also a funny one that I found while posting these, so stay tuned…