Demand and Supply Video Lessons
Thank you to ACDC Economics for all the awesome videos you have posted on youtube!
Demand and Supply Shifts by ACDC Econ
Demand and Supply Curve Shifts by No Bull Economics
Elasticity Instruction by ACDC Econ
Price Elasticity, Cross-Price Elasticity, Income Elasticity
Cosumer & producer Surplus Instruction by ACDC Econ
3 minute 43 second instruction
Price Ceiling by No Bull Economics
2 minute 30 second instruction
Price Floor by No Bull Economics
Tariff and Quota Instruction by ACDC Econ
Price Elasticity of Demand
Gotta watch! :-)
Demand Explained by ACDC Econ
Supply Explained by ACDC Econ
If Elasticity is > 1, it is elastic. Thus, Price & Total Revenue (TR) go in OPPOSITE directions!!!
If Elasticity is < 1, it is inelastic. Thus, Price and TR go in the SAME direction!!!
If it is unit elastic (elasticity is = 1), TR does not change.
Nothing to look at down here....
TOTAL REVENUE TEST
Only applies to Demand elasticity due to the inverse relationship between price and quantity
AP MACRO class - IGNORE Elasticity & Taxes!!! Those are MICRO only!!!
AP MACRO: IGNORE what is below! This is Micro ONLY!