Price Elasticity of Demand - part 2

[N330AA]

So OPEC is just a cartel then really?

[lavinya63]

perfecttt.....

[blissterd]

Thank u so much. I was pondering on this :)

[farhannius16]

fantastic, you've allowed me to sleep peacefully tonight. You explain concepts so very well.

[staaberelli]

Thanks. What is wrong with Greeces Economy? (2012)

[Nidddaful]

great

[extrememonaXXX]

thanks! THANKS ALLOT! keep doing whatever ur doing lol allot of students are actually in need of these kinds of videos as we speak.. u dont know how much i needed this! thanks!!!!!!

[thisarawt]

Thank you very much!!!!!!!!!!!! I'm studying for my exams at last moment. ur lecture helped me a lot.......

[vijaysuri]

im a science student...

you make economics easy for me..hatsoff..:)

[Herbert1653]

Hero



[darkeddz]

Elasticity is the one thing i hate in microeconomics. Mostly because our teacher makes us analyze anomalies aswell. Makes my brain explode.

[iparanjpe96]

Such a great insight! That was a clear, understandable explanation. Thanks for all your great help in microeconomics!

[mattlippy]

I LOVE THIS GUY AND CONCERTA!!!!!!

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[ViktoryiaKhromchanka]

<3 this guy

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[dineshn]

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[ImhoffInstruments]

You should definitely come to the University of Michigan-Dearborn, I'd take every economics course with you!

[zahrabara123]

This was really helpful, thank you very much!

[PaulyCesp]

You are the best! Please continue making these kinds of videos!

[MrMushroomKid]

My Lord, why can't all Economics teachers be as good as you?! Our teacher has somehow covered half of our AS syllabus in like two months, without really breaking down the key concepts and obviously noone understands anything. :( You and your videos are absolute life-savers! :)

[lauuruguay]

Hi, I just love all your videos. I actually try to watch every single one of your vids. I am an economics major and many times when I get home I forget everything we did in class, so I rely on your videos. Thank you so much. :)

[notoriousfizzy]

He is amazing.. . Thumbs up if hes better than ya school teacher !

[SheVooZaXoo]

@notoriousfizzy :@ I JUST WANNA GO TO MY TEACHER AND TATAAAAAA PUT MA DICK ON HER MOUTH DAT BITCH ASS SHIT WHY THE FUCK SHE DON'T LEARN US LIKE DIZ > WHY DA FUCK NIGGGGAA

[rs2wtf]

@notoriousfizzy better than my lecturer :L

[couryG11]

Very Helpful! Thank you so much for your valuable time!!

[Trollingzhard]

i think it's funny how people on youtube explain all the topics studied at school and unis soo so much better then teachers and professors

[10mohammedBilal1]

im 14 and im ding my AS economics early :D wish me luck people

[TakeToTheBeach]

you explain this very well, hats off!

[KatDrinkTea]

Thanks this is really helpful! I didn't understand however why there was that change in elasticity along the linear PED curve; with perfect elasticity intercepting the y axis and perfect inelasticity at the x axis?

[dharynparapen666]

you have a very straightforward teaching..i like it

[Danrg22]

When the demand curve is a straight (linear) line, the slope is equal on any point on this line. Price Elasticy is determined by this slope. The line you draw at 1:35 is a steep linear line. When you continue the line, the slope doesn't change (above or below). If the slope doesn't change, the PED doesn't change. De slope only changes with a non-linear line, like a exponential demand curve. The PED is different on each point of the exponential line.

[menabrena]

Clear and eloquent. It will be great if you can do intermediate economics! Also if you create playlists based in subjects will be easier for students to find topics they are stuggling with. Thanks again!

[PCVirtuosity]

Very well explained! My teacher recommended these videos as part of an online course, fantastic aid!!

[Misslebanese2]

thankyou so much i am able to finish my assignment ! haha love the accent nd im watching this from sydney austarlia

[JRD123456]

Thanks! Keep up the good work sir!

[tommytam1990]

good work of teaching!!

[taimanby123]

good and correct explanations..thank you

[syntheticstyling]

OMG I WISH I HAVE FOUND YOU EARLIER

[abdullahfbi911]

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[DiinaOx]

thank you so much !

[27SmiffyNUFC]

what a legend, my economics teachers are so boring, cheers for the help

[randomdemon115]

its been a great help thanks!

[friezefrite]

Thanks for that explanation, my Econ professor hasn't really explained the elasticity of linear demand very well. I always assumed it had solely to do with the slope of the curve, but now I see that it's about the percentage change.

[QuiksiIver]

Thumbs up if you're doing last minute studying!

[asznman]

Can you say that the derivative of the demand curve is also the measure of its elasticity?

[bigrock123]

@asznman yes, if the demand curve is more vertical it is inelastic (think of it being sort of like an 'I' for Inelastic) and the shallower or flatter the demand curve the more elastic the product is

[donot0991]

IF EVERY SCHOOL IN THE UK HAD TEACHERS LIKE YOU, OFSTED WILL STOP INSPECTING! YOU ARE THE BEST!

[mnbvcxz995]

thanks better than my school teacher

[CCTSPORTES]

Greece is a beautiful place.

[atwodollarnote]

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[MissSonalDhanturi]

You are amazing and this was genuinely an excellent video.

I have an exam the day after and this helped me very much.

Thanks you loads. :)

[AhYaOk]

thanks. i wish you taught my class. my teacher wants us to fail.

[guybrown1000]

no..thankyou very much!

[AlexM181]

Hey . . . you're videos are so helpful as a new economics students. I have found some topics challenging in class, yet with you clear and detailed explanations, I have definitely been able to keep up in class. Thanks!

[BboyWonTonSoup]

Good shit. i understood everything!

[seasidepeir]

Can someone explain why a perfectly elastic demand curve is a horizontal line?

[seasidepeir]

Can someone explain why a perfectly elastic demand curve is a horizontal line?

[yunicaija]

I have midterm tomorrow and I dont get PED, then i watched ur video and u made it easy. Thank you so much! =)

[maGallard74]

I love this man I will like to ask him about A.G Barr in the UK which is elastic, anyway very helpful.

God bless you.

[nation360bd]

i must say you can explain really very well. ii just started my management studies and im looking forward to have more stuff about micro and macro

[joIVOjo]

So there are greeks who are good in economics!

[Dez88Bryant]

gonna ace my quiz today, thank you sir

[1chicaa]

Thanks for the video, it helped.

[SLIMreject]

Thank you so much! You have no idea how much of a help you have been to me!

[dodoboy1212]

Exam tomoro, This is good last minute revision haha

[syazrell]

Excellent sir! 

[Ident1ty08]

If you were in the Mafia, no one would mess with Don Paj.

[snorre89]

Great videos, thank you so much! Exam the day after tomorrow, and I'm so tired of reading the book so thought I might change my way of revising. Not only this but many others I saw were of really high quality.

[FinLikesToDrum]

I think I might as well owe my AS level to you when I take it haha, thanks very much. I've never found a youtube video as helpful

[sakl313]

i cant thank you enough!! my final is tomorrow and you have been great help :)

[ihadtosignupfuckers]

THANK YOU SO MUCH FOR THIS!! I understood the entire concept just by watching your video once..AMAZING thanks again! You rock!

[lionheart8813]

Only reason i'm passing my intro to macro economics course is because of you, i being tuaght as if i'm getting a PHD in it but thank god someone explains it like a normal person.

[soumire]

Great and clear explanation, thank you so much.

[altuijri]

You are great

[laraboydx]

just wanted to say thanks so much for the videos

 they are extremely helpful and because of them i was able to achieve an A* at A level this year!

[sdunyo]

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[anzwertree]

Thank you, thank you, thank you!

[shih517]

it's really great!

Thank you so much!

I used to think of elasticity a complex part,

but now I get some confidence to face it.

[mickjagger24]

Great :))))

Thank you !

[SuperSection3]

thank you so much i have understand very well way better than my instructor explains. thanks again from somalia mogadisho

[StJ4Mez]

You are an amazing teacher. You have cleared this up for me amazingly! Thank you again for these great videos. You have made me enjoy learning economics!

[radip]

A natural born teacher :) Cheers!

[renka318]

Thank you so much for this video! I was helping my brother with his homework and when I found this video I stopped trying to figure it out and just had him listen to you. lol

[bongoman37]

the example was good

nice

[agolakchub]

I'm working towards my CFA Level 1 and I still find this extremely useful - very interesting concept of how the inelastic curve and elastic curves are just a specific portion of the full linear straight line demand curve - brilliant!

[damainegorman]

Excellent videos. I needed a little more help for my exam tomorrow in AS Economics and I think you've done the trick! Thank you very much.

[hahaforsure]

Thank you so so so so much. I have a test on Thursday and I've really understood Elasticity because of you.

[14ashleighmarie]

I have an exam tomorrow, and i was a bit confused about this topic, and you have helped so much!! thank you!

[pajholden]

@14ashleighmarie my pleasure - good luck on that test tomorrow!

[azar24701]

@pajholden Question why can't the quanity in demand surpass the demand curve itself. Does' the quanity in demand stay within the boundaries of the demand line as we speak. In reality for demand and supply, does this occur excatly how it's taught or iz there more to what we don't know?

[10000maj]

@thx man may God bles u nd give u success nd guidance v v v v v v v much thx from pakistan

[FFMSmit]

For those of you who find Elasticity an abstract definition...

Try to picture it as a Material. For instance you try to stretch out an iron bar. You pull on it with all your force but it wont budge... hence the iron bar is very inelastic!

Now see the iron bar as the quantity demanded, and your pull with force the Change in Price. Now you can see if you apply the force, change in price, the quantity demanded wont change (much). Hence inelastic.

Same goes for a rubber band.

[pajholden]

@FFMSmit all rubber bands? and the stuff balloons are made of?

[ablooddiamond]

thanks allot

[bijayking]

thank you for posting this video on yourube.

[bijayking]

Thank you for posting this video on youtube. It is really fruitfull for me.

[nateofthesouth]

Thanks from the States! You do a fantastic job at making this understandable in a very short amount of time.

[Roshansmith]

Great Video Thank you Sir

[pbpotter43]

thanks

[TitaniumByFire]

So a price increase doesn't cause a loss in revenue by default, it all depends on certain other things...like the percentage of the price hike compared to percentage of sales decrease, and whether the product is considered a necessity or luxury, and most people will syill purchase a "necessity" at least in the short run until they can find an alternative, assuming they will or can in the long run.

[sachinjain777in]

gr8 presentation!!!!!!!!! thanks

[Dieguitomania69]

thank you sooo much

im about to start microeconomics in my final year, and this, along with other of your videos, really helps to understand the basics thoroughly

you should get appointed to greek minister of economics, youd surely get em out of this mess ;)

[168tiffany]

gud job !!!thx!! i understand better than reading these txt bk!! u r intelligent !!

[beijinbum]

Awesome u helped me out!! thanks

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You are officially the Youtube Economics GOD!! 

[Sagino84]

great help!

[bad11man]

hi mr phil holden ... i just wana thx u for those videos cuz it really help us in our studying ... but sometimes there is some questions that i wana ask u about and i dont know how to contact with u ??

[vinhi2001]

Brilliant ,many thanks ... keep up the good work !

[snneakyy]

If i keep watching your Videos i might Get an A :P

[yiddos4lyf]

Thankyou mate, I have my AS exam on friday and have had a poor teacher all year! youve taught me what i needed to know. :)

[gungchil08]

You are an amazing teacher or Economics. Please create more and more videos.

Thanks a lot.

[reds824]

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[Astronomer7698]

very nicely done.

[TheChoclatemilkshake]

cheers!

[ksakbk]

thank you so much for posting this! this is really helping me revise for my AS exams! thanx again!

[witwitoonchart]

If the line is a straight line, the gradient would be equal right?

So there shouldn't be a difference between the top half and the bottom half of the line??

[Screwschom]

@witwitoonchart the price elasticity coefficient or (PED) is measuring the relative changes in:

(% change quantity) / (% change price)

You are correct the the slopes of the linear lines are constant, however that only tells you that the real change is quantity if fixed to changes in price constant across the entire market. Total revenues, namely price x quantity is maximized at a single point, which is when the PED = 1, a unitary elasticity position.

[reds824]

@Screwschom hi do u no wat  the term elasticity coeficcient means?

[PinotGB]

thanks to you :)

[proaussiegamer]

Cheers mate this helped me a lot

[rumalmiah22]

You're even better than my original Economics teacher and you're macro stuff is excellent, easy to understand aswell! Thanks from London, England

[WOGI5M]

thank you

[XenomorphLV426]

great job

[vTVBerlin]

thx

[nutsbutdum]

Dude, I have an exam this Saturday. And you've just saved me from going through like 120 pages of test materials! Literally!!

[McTwisted999]

i wish u taught at University of Central Florida! this really helped me! so would cigarette prices be inelastic as well?

[fareed4321]

well don ,,, very good ,,, continue like this we all need it ,,, ur an excellent teacher

[newbe01]

Thank you! You are a awesome professor!!! From Los Angeles, California. USC / CSUDH.

[jboon100]

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[kenpessumal]

you are the best

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This guy is awesome!!!! Best youtube econ professor

[sjoerdwennekes]

Thank you very much.!!

[johnfox3]

yea it was those Saudi wankers in the 70's.... Sadden was a bit of hero to the extent that he refused to sell at OPEC levels

[scheme46]

Thank you for making this so easy to understand!!! from New Jersey...

[ganapath2005]

Phil, u r lovely...Thanks a lot for the video

[fozziejosh]

Many thanks Phil, you've helped so many people out with your videos. Thanks from Nottingham, UK

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Amazing. Thanks soooo much. You make me fall inlove with Econ :)

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Thanks! I think this is even more helpful to young instructors like myself. We know the punchline but forgot to pay attention to the details of how to actually teach and lead up to the punchline. These give a teacher a second chance to pay attention to how it's taught.

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learned a lot..we dont have to learn about that, but it is better to know cause it makes far better sence and is easier to grasp when you know the ins and outs...thanks

[Vizet777]

Thank you from Uzbekistan! )))

[crazypg1983]

Thank you from Canada! I wish I had you as my professor!!! You are amazing!

[lebowskithebig]

thanks from germany!!

[BajanCreation]

ill admit man, im from Barbados and this concept has taken six minutes for me to understand. would u believe the material found in books is close to rocket science. its funny how these concepts are easily explained vs how they are placed in a book. Well, my econ exam is tomorrow. thanks a lot man.

[echi2567]

This Guy Is Legend, Help Me On My Revision! Repping United Kingdom!

[Karousha]

i will like to say thanks for explaining PED so easy you're awsome !!!!!!!!!!!!

[rombom90]

Thanks from Australia! :)

[FallenOneWingedAnge1]

well explained, it was interesting watching this.

[dbrylle]

Thank you so much for your brief yet very substantial lesson on elasticity. I have an exam coming up in a few hours and I saw your videos. And it really cleared my questions and vagueness on elasticities. I'll let you know how I fare in my exam. Thanks! Greetings from the Philippines! :D

[thebossforlifeishere]

Thank you sir,from Malaysia

[jussiehabib]

You might have an idea of how many people you´ve been helping with your lessons... Be sure, however, that it´s far more than you can think of. Congratulations and thank you very much.

Regards from Brazil :=)

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thanks so much!!

you are a wAAAAAAAAY better economics teacher than ones in my school added together!

[TheAugustusCaesar]

Thank you very much for your clear and concise explanations and demonstrations...You're videos have been a great help.

[elesoc]

i bloody love your explanation!

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[jianzzz88]

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Thank you so much for taking your time to make these concepts more understandable-the explanations are what's really important =)

[Galleon12]

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[pajholden]

That's good to hear. Take care and good luck.

[Galleon12]

Thank you!

[wagsalot]

another great video - thanks alot!

[utharley]

It is amazing how someone with the skills to "teach" a subject can make this seem so clear and easy to understand. Thanks for sharing your expertise and abilities.

[currentliabilities]

You are a life saver. The realization that you are comparing the area of boxes makes determining price elasticity of demand curve when there is a price change clear as day.

thanks!