Quotulatiousness

April 25, 2015

Elasticity of Demand

Filed under: Economics — Tags: , — Nicholas @ 04:00

Published on 27 Jan 2015

How much does quantity demanded change when price changes? By a lot or by a little? Elasticity can help us understand this question. This video covers determinants of elasticity such as availability of substitutes, time horizon, classification of goods, nature of goods (is it a necessity or a luxury?), and the size of the purchase relative to the consumer’s budget.

Related posts:

  1. The Demand Curve Shifts
  2. Supply and Demand Terminology
  3. A Deeper Look at the Demand Curve
  4. Denmark discovers that “price elasticity” is a real phenomenon
  5. The Demand Curve

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