Micro: Unit 1.7 -- Price Elasticity

Hey Everyone! I'm Mr. Willis, and You Will Love Economics! In this video, I will: - Define price elasticity and explain the principles of elastic, inelastic, and unit elastic supply and demand in the product market - Explain the characteristics of goods and services that generally have more elastic and inelastic demand - Practice calculating the price elasticity coefficient and use that coefficient to identify the ranges of elastic, unit elastic, and inelastic supply and demand in the market - Demonstrate how elasticity can be identified by the slope of the supply and demand curves - Use the total revenue test to calculate total revenue before and after a price change, indicate whether total revenue increased, decreased, or stayed the same, and then identify whether demand is elastic, inelastic, or unit elastic in the market Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: https://www.teacherspayteachers.com/Product/Price-Elasticity-Activity-3911251 Follow our store on Teachers Pay Teachers https://www.teacherspayteachers.com/S... Look for us on Social Media: Instagram -- http://www.instagram.com/youwillloveh... Facebook -- http://www.facebook.com/youwilllovehi... Subscribe to our YouTube Channel: https://www.youtube.com/youwillloveeconomics Check out our website for teaching tips and insight from us- https://sites.google.com/view/you-will-love-history/home