Introduction to price elasticity of demand | APⓇ Microeconomics | Khan Academy
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Published 2018-11-15
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Economists use the concept of price elasticity of demand to describe how the quantity demanded changes in response to a price change. In this video, explore a simple way to calculate the price elasticity of demand, how to interpret that calculation, and how price elasticity of demand varies along a demand curve.
AP(R) Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality.
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All Comments (21)
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I have a test in a hour and thirty minutes 😂
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I SPENT HOURS OF WATCHING THIS VIDEO.. I FINALLY UNDERSTAND NOW HOW TO CALCULATE IT..
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Thank you sir. I have been struggling to understand this for hours. Finally i understood it. ♥
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Thank you, I could not actually understand when i saw my universiuty lesson video, but now i learnt it in 9 minutes, Thank you very much to Khan Academy team,
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Price elasticity of demand is very good to know for business owners.
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So helpful! Thank you for this.
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Thanks , that’s a great comparative explanation!
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I have been trying to figure out elasticity of demand for 2 days and I FINALLY understood it with your video! Thank you!
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I was spending the past few days being stressed and frustrated about this topic and 2mins into this video I already got it haha!!!
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Hi, Interesting you're considering a rate as a quantity. How does adding a time dimension ripple through other aspects including how the demand curve intersects with the supply curve, time value of the product? Also curious as to whether a demand curve's independent variable really is the quantity, rather than the price, since from the consumer's perspective, the quantity isn't usually the given. Typically a price is given, and then the consumer decides how much they want at that price.....sort of expressed as Q = f(P). Because we are typically in the position of having to derive a demand curve, using probability distributions of demand-side characteristics (i.e. demand destruction), and those probability distributions usually relate to the independent variable in a function, how should we normalize such relationships?
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thnx for the videos sal.....love from INDIA
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It is interesting! Thank you !
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Thank you for getting me through college, Mr. Khan 😅
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Your explainations are literally the best have great life khan academy teachers u r doing a great job love your videos sooooonmuch very good concept explanation🙏🙏👌👌👍👍👍👍👏👏👏
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Thank you for that good work delivered to me
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I have a test in 30 minutes, wish me luck 🙏
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I have a test tomorrow I really hope I get this
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Thanks for your help, now i can be able to understand.❤
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Thank you!
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why we did not divide by the average as in the first videos ?? Thanks
