Inelastic and Elastic Demand Economics
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I am currently enrolled in an economics class and my mid-term requires me to find the best youtube video that demonstrates price elasticity. This video is refreshing. I am a visual learner, so the animated supply and demand curves illustrate the concept of elasticity in terms that I can understand. Inelastic goods have few or no substitutions so prices rise and fall sharply with changes in supply. Elastic goods do not fluctuate as much in price because there are substitutions.
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I must admit that your explanation of Elasticity of Supply and Demand was one of the most clarifying videos that I've found. You gave examples that most people, including myself can identify with and helped me get a clearer understanding of this topic.
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The one for my class was lousy. In 4 minutes I totally understand this concept. Thank you!
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What program do you use to animate your presentations?
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very useful, plz upload more
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cant hear what you are saying
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Thank You very much!!
It is very useful!!
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Thanks for the video, helped me understand it better.
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As part of my Econ Midterm, we are to find an education video on youtube and comment on it. I viewed a few others, and found this video the most helpful. I am easily confused when it comes to Supply and Demand and your video was helpful and easy to understand. Basic understanding of inelastic is that its rigid and stiff and not a lot of choices available; gas. Tax has no impact on inelastic demand for instance on gas. (That was a takeaway for me on this lesson.) Very informative lecture.
efmiller22 1 year ago
@efmiller22 Good luck on your Econ Midterm and thanks for your comments.
economicsfun 1 year ago