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In your first Microeconomics class, your professor might overcomplicate Elasticity... There are FIVE things that you need to grasp in order to not miss questions on your next exam: 0:11 - Elastic vs. inelastic 0:44 - Price elasticity (this is for supply or demand) 1:42 - Income vs. cross-price elasticity 3:25 - Midpoint method 5:00 - Elasticity zones for supply vs. demand Now, if you're absolutely screwed for your next exam... And feel like all hope is lost... That you are bound to fail... We ca
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