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Elasticity of Demand/Supply
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Elasticity of Demand
Why don't gas stations have sales? I explain the elasticity of demand and the difference between inelastic and elastic. I also cover the total revenue test and give you a little trick to remember it.
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Cross and Price Elasticity
Supply and Demand
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Law of Supply and Demand in Economics: How It Works
The law of supply and demand combines two fundamental economic principles describing how changes in the price of a resource, commodity, or product affect its supply and demand. This article goes over supply and demand, its effects, and the laws/factors that influence both of these variables.
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Demand and Supply Explained Part 1
In this video, I explain the law of demand, the substitution effect, the income effect, the law of diminishing marginal utility, and the shifters of demand. Make sure that you understand the difference between a change in quantity demanded and a change in demand.
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Demand and Supply Explained Part 2
In this video, I explain supply, the law of supply, the shifters of the supply curve, equilibrium, surplus, and shortage.
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