Price Elasticity of Demand I A Level and IB Economics

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This video looks at the basics of price elasticity of demand (PED) and the factors that influence the coefficient of elasticity.

#aqaeconomics #ibeconomics #edexceleconomics

VIDEO CHAPTERS
0:00 Introduction
0:10 What is Price Elasticity of Demand?
0:43 Numerical Values for Coefficient of Price Elasticity
1:46 What factors determine the PED of a product?
4:15 Price Elasticity of Demand and Total Revenue
5:53 Inelastic Demand (Ped 1)
7:41 Perfectly Elastic Demand (Ped = infinity)
8:05 Unitary Elastic Demand (Ped = 1)
8:34 Co-Efficient of PED along a linear demand curve
9:52 Usefulness of Price Elasticity of Demand for Producers
11:58 Critical Awareness: Limitations of Elasticities

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Oh my god now I remember why I got a D at A2 in 2004. The thing is with Economics, you either get it or you don't. It either interests you or it doesn't. I got BBB (very close to AAB, missed by a few marks in 2 subjects) in my other 3 subjects which were French, Music, History, , but I just couldn't get my head around this stuff at all. I found it very, very dry indeed. But many congratulations to anyone who gets a decent grade in Economics - it's a well respected subject especially when applying to uni.

bubbacalling

I think maybe a few pictures to show the real world examples of price elasticy of demand would help since the concept being taught has a real world application to things that people already are aware of. Other than that based off of just words and some graphs this is as good as it can be.

joshuamak