Price Elasticity of Demand
Introductory Videos
Video: Price Elasticity of Demand – part 1 by pajholden
Video: Price Elasticity of Demand – part 1 by pajholden
Interactive Tutorials
Economics Interactive Tutorial by Samuel Baker (Univ of Carolina)
Elasticity — A Quantitative Approach by Samuel Baker (Univ of Carolina)
The Market System – Part 1 on biz/ed – contains section on PED towards end
Price elasticity of demand and basic application in Excel by Tushar Mehta
The following videos deal with the important concept of how price elasticity of demand relates to total revenue. They cover similar ground so you may not feel the need to watch all of them, but they do take different approaches in presentation.
Price Elasticity & Total Revenue by BrynJonesOnline
Total Revenue and Elasticity by ElmagicRonaldo
Elasticity and Revenue by jodiecongirl
Price Elasticity of Demand (PED) – own price elasticity by economicsfun
Good real life example on the determinants (factors affecting) Price Elasticity of Demand … ‘gasoline’ (or petrol):
In Summary
Price Elasticity: From Tires to Toothpicks (Econedlink)
Price Elasticity of Demand (tutor2u)
Price Elasticity of Demand
(Welker’s Wikinomics)
Finally, before moving on to Price Elasticity of Supply, this 15 minute video explaining an unusual ‘spike’ in gas prices in the US in 2002, is excellent and highly recommended for applying the theory to a real life example (the latter part gets a little bit tricky, but still recommended for IGCSE and IB students):
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The Marshall Lerner Condition and the J Curve
about 12 years ago - No comments
1) A good web page, by http://welkerswikinomics.com: The Marshall-Lerner Condition, the J-curve, and the US trade deficit 2) A useful video via the same author’s http://www.econclassroom.com: 3) A chance for you to play around with the Marshall Lerner condition yourself: http://www.eco.rug.nl/~gigengack/ge/ML_Interactive/ML_Interactive.htm
Output– Definitions of GDP
about 14 years ago - No comments
These mjmfoodie videos are very useful for understanding the concepts of GDP, real GDP (as opposed to nominal/money GDP) and growth.
A Song about Elasticity
about 14 years ago - No comments
Some people have a lot of time on their hands, but we should sometimes be grateful for that … this song summing up the different elasticities is worth a listen (you never know, it might even help you revise this particular topic …)
Cross Price Elasticity and Income Elasticity
about 14 years ago - No comments
1) Cross Price Elasticity of Demand A video from pajholden (click on the image below – this video can’t be embedded). Image: Some rights reserved by avlxyz 2) Income Elasticity of Demand A video from pajholden (click on the image below – this video can’t be embedded). Image: Some rights reserved by…
Price Elasticity of Supply
about 14 years ago - 1 comment
From flickr.com. Uploaded on April 2, 2007 by SideLong Before starting to understand Price Elasticity of Supply, it is worth recapping Price Elasticity of Demand. Click on the following link: www.business2000.ie provides an interactive quiz on PED This site introduces the main concepts of Price Elasticity of Supply: Slideshow from http://www.econ.ucsb.edu This site gives a…
Introduction to Economics Part 1
about 14 years ago - No comments
In this section we consider the following concepts as outlined in the IB Economics Syllabus [© International Baccalaureate Organization, 2003] : Scarcity • factors of production: land, labour, capital and management/entrepreneurship • payments to factors of production: rent, wages, interest, profit (we cover this later on in the course) Choice • utility: basic definition •…
Introduction to Economics Part 3 – Utility and Rational Versus Irrational Behaviour
about 14 years ago - No comments
Money can help us place a value on things, but the underlying value of things can be explained by the concept of utility. This podcast explains: Econs for the iPod – Utility We are now beginning to consider some of the fundamental assumptions which are central to the ‘science’ of Economics. We should already understand…
Explaining Population Distribution
about 15 years ago - No comments
We first need to recap our understanding of population distribution. Visit this page: Quick Population Distribution Quiz And we also need to recap our understanding of the phrase population density: Quick population Density Quiz Thanks to http://www.geography.learnontheinternet.co.uk for both of these quizzes. By the end of this section we will have developed a table to…
