Posts tagged elasticity
The Marshall Lerner Condition and the J Curve
Dec 11th
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
Price Elasticity of Demand
Oct 30th
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):
A Song about Elasticity
Oct 28th
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
Oct 25th
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 AngelalalaChan
3) Both XED (Cross Price Elasticity of Demand) and YED (Income Elasticity of Demand)
Price Elasticity of Supply
Oct 25th
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 useful overview of PES:
This web page details price elasticity of supply, but is a little complicated:
http://dotlearn.com/topics/Economics/1040/content/
This web page provides information on how time effects PES:
This site gives a useful interactive demonstration of PES calculations:
http://www.college-cram.com/study/economics/presentations/619
This video from pajholden helps understand the concept further (note, this is suited to A Level / IB students):
Finally, if you think you’ve made yourself an expert in PES, you can test your understanding using the following quiz:
