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\nCalculating Price Elasticity of Demand and its Importance for Businesses.\n

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\nThis is a lecture video that explains how to use the formula for price elasticity of demand (PED) to calculate the PED for different goods in order to solve problems. The video starts by explaining the formula for PED and then...\nThis is a lecture video that explains how to use the formula for price elasticity of demand (PED) to calculate the PED for different goods in order to solve problems. The video starts by explaining the formula for PED and then demonstrates how to use it to calculate the PED for a weekday edition of The Times newspaper after its price increase. The video also shows how to manipulate the PED formula to calculate the percentage change in demand for a chocolate bar after its price increase. The importance of elasticity in business strategy and pricing is explained, using examples from the sporting industry to illustrate how pricing strategies depend on the elasticity of demand.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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9:17
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Grade
Higher Ed
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Subjects
Social Studies & History
3 more...
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Media Type
Instructional Videos
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Source:
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\nKnowMo Business\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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business, price elasticity, prices, time, demand, revenue
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Additional Tags

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a-level, section, quant, methods, 1.3.2, ped, calculations, lecture video, weekday edition, percentage change, decimal form, times newspaper, lower price, attractive matches, minus nought, demand divided, inelastic demand, percentage, increase, newspaper, calculate, convert, variable, triangle, price, formula, matches, minus, back, people, means, solve
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Classroom Considerations

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Best For: Explaining a topic
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