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…
See here for the Micro 101 videos page, or here for econgirl’s YouTube channel.
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4 responses so far ↓
1 Michael L. // Mar 10, 2010 at 4:30 pm
Wow so’s it’s used extensively in microeconomics twice?! That’s crazy and crazy!
2 econgirl // Mar 10, 2010 at 5:04 pm
=P
I am convinced that that was my subconscious trying to pretend that there is no such thing as macroeconomics.
3 Michael L. // Mar 11, 2010 at 1:27 am
Or as Yoram says “blah blah blah.”
4 Michael L. // Mar 11, 2010 at 1:32 am
BTW have you thought of doing macroeconomic videos? Maybe even some intermediate stuff of both aka indifference curves/ consumer choice.
Also, what about some calculus thrown in? I find it really helps to explain marginal costs/benefits since it’s essentially a derivative of total costs and benefits.
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