Lecture 3: Elasticity
author: Jonathan Gruber,
Department of Economics, Massachusetts Institute of Technology, MIT
recorded by: Massachusetts Institute of Technology, MIT
published: Dec. 3, 2012, recorded: September 2011, views: 3410
released under terms of: Creative Commons Attribution Non-Commercial Share Alike (CC-BY-NC-SA)
recorded by: Massachusetts Institute of Technology, MIT
published: Dec. 3, 2012, recorded: September 2011, views: 3410
released under terms of: Creative Commons Attribution Non-Commercial Share Alike (CC-BY-NC-SA)
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Description
Everyone knows the unpleasant feeling that results from the price of something you've been longing to buy increasing – or the excitement of seeing your favorite snack go on sale! When the price of a good changes, consumers' demand for that good changes. We can understand these changes by graphing supply and demand curves and analyzing their properties.
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