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Curated Video
Understanding Income Elasticity and Cross Elasticity of Demand
The video is an educational tutorial on the concepts of income elasticity of demand (YD) and cross elasticity of demand (XED). The presenter explains the calculations for each and how to classify goods based on their YD and XED values....
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Calculating Fire Insurance Claim: Adjustments for Abnormal Goods
In this video, the teacher explains how to calculate the amount of fire insurance claim for a company whose premises were destroyed in a fire. The teacher walks through the process of preparing a trading account, adjusting for abnormal...
Khan Academy
Khan Academy: The Demand Curve: Normal and Inferior Goods
Explains how the demand for some goods could actually go down if incomes go up. [5:56]
Khan Academy
Khan Academy: Normal and Inferior Goods
Demand for normal goods increases when income increases, but demand for inferior goods decreases when income increases. In this video [5:55], we use the example of a computer and a car to describe the concepts of normal goods and...
Khan Academy
Khan Academy: Inferior Goods Clarification
The concepts of normal goods and inferior goods can be tricky, and the definitions can be somewhat subjective as well. In this video, we take a deeper look at these kinds of goods.
Khan Academy
Khan Academy: Indifference Curves and Marginal Rate of Substitution
A video [10:51] explaining indifference curves and marginal rate of substitution in graphing value tradeoffs between two goods.