Elasticity Part 1

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Taught by TheMathDude
  • Currently 4.0/5 Stars.
3285 views | 1 rating
Meets NCTM Standards:
Lesson Description:

Be able to compute the elasticity of a commodity at any price given the demand function. Use the elasticity function to find the maximum revenue and corresponding price/quantity of the commodity.

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Additional Resources:
Questions answered by this video:
  • What is elasticity?
  • What is the relative rate of change of a quantity with respect to price?
  • How do you calculate elasticity for a situation?
  • What are the units of elasticity?
  • What is the formula for elasticity?
  • What happens if E is less than 1, greater than 1, or equal to 1?
  • Staff Review

    • Currently 4.0/5 Stars.
    This lesson explains the concept of elasticity being the relative rate of change of a quantity with respect to price. This is just the introductory lesson, and the next two lessons build on this foundation. This is a great place to start, but make sure to watch the next couple of videos.