This Elasticity of Demand Coefficients (Cross-Price and Income Elasticity) video also includes:
What is the difference between elastic and inelastic demands? Review these concepts, as well as cross prices, elasticity of supply, and income elasticity, with your class members after taking a look at this video.
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- Consider using this video as a flipped classroom resource and assigning it as homework to be discussed further in class the next day. Class members then have the opportunity to cover the material, which is presented at a face rate, at their own pace
- Learners should have foundational knowledge of law of supply and demand and should review of some math concepts such as absolute value to fully understand the concepts presented here
- Some useful tips and instructional points included throughout the video at the bottom of screen