This is a college lecture designed to introduce the concept of elasticity. This lecture covers what elasticity is, how to calculate it and the difference between demand and supply elasticity.

Chapters:
0:00 What is Elastic?
05:10 What causes a product to be more or less elastic?
09:06 Computing the Price Elasticity of Demand
17:05 Examples of inelastic and elastic items
20:09 Total Revenue
24:46 Linear Demand Curve Elasticity
27:01 Other Types of Demand Elasticity
29:17 Price Elasticity of Supply
32:46 Calculating Elasticity using Midpoint Method
35:54 Example

I developed this lecture series to assist students who need a little extra help with the material. The lectures topics are based on one of the most popular college economic textbooks (there are 5 versions of the textbook) used in universities around the country and world.

Do check out the companion video to this lecture where I show you how to solve economic test questions.

As always, this is reference material and students should refer to their own course material and instructors. Finally, I am not a professional video maker and do these from my home, so sorry no dancing characters, but Farmer Bill makes a return, for those who have watched other videos in the series.