Summary of Elasticity Overview and Tips- Micro Topics 2.3, 2.4, and 2.5

00:00:00 - 00:05:00

Elasticity is a measure of how responsive demand or supply is to price changes. There are four types of elasticity: elastic, inelastic, unit elastic, and perfectly elastic. To calculate elasticity, you need to know the percentage change in quantity demanded or supplied in response to a 1 percent change in price. Elasticity can be used to predict how changes in price will affect the demand or supply of a good.

• 00:00:00 This 1-paragraph summary of the Elasticity video explains the four types of elasticity, how to calculate them, and how they relate to the demand and supply curves.
• 00:05:00 In this video, John Torretta discusses the concepts of elasticity and how to calculate it. He also provides a practice sheet to help you practice. Finally, he asks the viewers to subscribe and like his videos, and provides a link for the practice sheet.