Hi all!
Master the elasticity concepts in Economics now with this video! This is part 4 of the Microeconomics series, where we will cover in-depth the elasticity concepts of Price Elasticity of Demand (PED), Income Elasticity of Demand (YED) and Cross Elasticity of Demand (XED). The elasticity concepts are crucial in understanding how different goods have an effect on quantity demanded due to a change in price. Moreover, it will act as strong forms of evaluation when it comes to essay writing and is ultimately a pivotal part of Demand and Supply.
I will cover the shapes of the curves in another bonus video! This video will only cover the determinants of PED, YED and XED as well as definitions and calculations.
This is applicable to GCE A-Level Economics and GCSE Economics examinations.
Check out the previous part on everything you need to know about DEMAND here!
https://youtu.be/GS_APwLmnFs
Watch the whole Microeconomics playlist here!
https://www.youtube.com/playlist?list=PLvKzQDhNi9bKdNYfPEbvpw-4U93XC-F7e
Alternatively, check out the Macroeconomics series!
https://www.youtube.com/playlist?list=PLvKzQDhNi9bKb0xt2XZ5jmylTdg7q8mYK
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A Level lessonsXEDMaster the ELASTICITY Concepts (PED YED XED)
