@2durwz on a single line there is a point where you will no longer maximize revenue by lowering price to maximize quantity. that immediate point is called unit elasticity below that point where you start to lose total revenue would be inelastic because the market is not responding well to your change of price. to put it simply, a line is elastic until a certain point and then becomes inelastic. hope that helps
@bryanwalsh1868 If you face elastic demand and you decrease price, you will increase revenue since the quantity increase more than makes up for the price decrease. If you face inelastic demand and you decrease price, you will decrease revenue since you won't have increased the quantity demanded enough to offset the lower price.
Great video, Jodie. Thanks.
shinenot 3 weeks ago
Thank you so much!!
You are the best (and most beautiful) teacher out there on Web.
I am done wth this video.. but watched all since start.. my syllabus has only this.
But hats off to you .. for helping out people like us..
kapilmails 3 months ago
Awesome videos, im a student at University of Texas El Paso. Hopefully i pass my CLEP exam tomorrow Thank you for the help : )
birdwell455 3 months ago
How can a single straight line represent both elastic and inelastic sections?
isnt the inelastic curve supposed to be more steeper than the elastic one ?
I dont get the logic......some1 plzzz explain
2durwz 8 months ago
@2durwz on a single line there is a point where you will no longer maximize revenue by lowering price to maximize quantity. that immediate point is called unit elasticity below that point where you start to lose total revenue would be inelastic because the market is not responding well to your change of price. to put it simply, a line is elastic until a certain point and then becomes inelastic. hope that helps
zenasf 8 months ago
@zenasf
yes it did. thanks :)
2durwz 7 months ago
What if the price goes up with 200% and the demand goes down with 100%? It is a situation of inelastic demand, but the revenue will not increase! :D
geraniumpratense 8 months ago
Instead of learning I'm lost in your beauty =/ FML
Officialicy 9 months ago
you are much better then my MBA Dr. Professor !!!
cinqueottavi 10 months ago
yr pretty and yr smart.... awww im jealous :(
angelawingki 10 months ago
sorry your too hot cant pay attention lol
maulsrevenge 1 year ago 2
i love u
booogert 1 year ago
I aced my mid-semesTer from jusT waTching ur videos!...who needz a lecturer when i goT youtube!lol
GMoNey9750 1 year ago
it''s really a great to show us the relationships between elasticity and revenue ,so you are beautiful teacher in fact
Samiaan 1 year ago
So, is the inverse of these true if you decrease price in elastic or inelastic markets?
bryanwalsh1868 1 year ago
@bryanwalsh1868 If you face elastic demand and you decrease price, you will increase revenue since the quantity increase more than makes up for the price decrease. If you face inelastic demand and you decrease price, you will decrease revenue since you won't have increased the quantity demanded enough to offset the lower price.
jodiecongirl 1 year ago 2
im going to watch all your videos b4 my final and then ill tell ya how the final goes :P thanks for the videos
EzekioMuhammed 1 year ago