Micro: Unit 1.7 -- Price Elasticity

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!

In this video, I will:
- Define price elasticity and explain the principles of elastic, inelastic, and unit elastic
supply and demand in the product market
- Explain the characteristics of goods and services that generally have more elastic and
inelastic demand
- Practice calculating the price elasticity coefficient and use that coefficient to identify the
ranges of elastic, unit elastic, and inelastic supply and demand in the market
- Demonstrate how elasticity can be identified by the slope of the supply and demand
curves
- Use the total revenue test to calculate total revenue before and after a price change,
indicate whether total revenue increased, decreased, or stayed the same, and then
identify whether demand is elastic, inelastic, or unit elastic in the market

Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video:

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[yusufhashem]

Mr. Willis! Thank you for this new micro video. I was just reviewing price elasticity, and realized you made a new video. Unfortunately, my college professor has the same innate teaching abilities as a highly caffeinated squirrel, and my final is on Thursday! Not to mention her "jokes". Not a single meme! Not a single "yeaaa buddy"! Mr. Willis you set the bar too freakin high for econ teachers.

[NicoRobin]

I learned more in this 18-minute video than I did in my 2-hour lecture. It's so easy to follow.

[okechukwugift]

This class really helped. It cleared my confusion 😅❣️

[jjbotha]

Excellent. Thanks for addressing both supply and demand in the same session.

[biggoose]

Thanks Mr. Willis, very cool. I really do love ecocomics.

[eshaankotak]

I wish Mr. willies was my Eco teacher 😅😅

[abuzainabahmadsyakirnorazli]

is this the last topic for micro coz i need