Price Elasticity of Demand Video Explainers

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How elastic are rubber bands? You might try to answer the question by stretching a rubber band over your finger and shooting it across the room. To an economist, however, elasticity can have a whole other meaning. These three short videos provide an overview of what price elasticity of demand is, describe what factors influence elasticity, and discuss some common applications of the concept.


Video 1: Price Elasticity of Demand: What Is Elasticity?

This video provides an overview of what price elasticity of demand is and how it is measured.

Video 2: Price Elasticity of Demand: Factors That Influence Price Elasticity of Demand

This video describes factors that influence how elastic, or inelastic, demand for a good or service is. These include whether the item is a necessity or a luxury, how much of your income you give up to buy it, the availability of close substitutes, and time.

Video 3: Price Elasticity of Demand: Applications of Price Elasticity of Demand

This video discusses some common applications of price elasticity of demand, including both business and government applications.

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Education Level: 6-8 9-12
Subjects: AP Economics Economics
Concepts: Demand
Resource Types: Video
Languages: English
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