{"id":4217,"date":"2016-01-09T06:51:04","date_gmt":"2016-01-09T06:51:04","guid":{"rendered":"https:\/\/courses.candelalearning.com\/waymakerintromarketing1xmaster\/?post_type=chapter&#038;p=4217"},"modified":"2024-05-15T15:38:30","modified_gmt":"2024-05-15T15:38:30","slug":"video-price-elasticity","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/chapter\/video-price-elasticity\/","title":{"raw":"Video: Elasticity of Demand","rendered":"Video: Elasticity of Demand"},"content":{"raw":"The following video is a little long to watch, but it provides an excellent overview of elasticity and explains both the concept and the calculations in a simple, easy-to-follow way.\r\n\r\nhttps:\/\/www.youtube.com\/watch?v=4oj_lnj6pXA&amp;feature=emb_title\r\n\r\nYou can <a href=\"https:\/\/oerfiles.s3-us-west-2.amazonaws.com\/WM+Marketing\/Transcriptions\/Episode16ElasticityofDemand.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for \"Episode 16: Elasticity of Demand\" here (opens in new window)<\/a>.\r\n\r\nIn review:\r\n<ul>\r\n \t<li>Price elasticity measures the responsiveness of quantity demanded to a change in the product price<\/li>\r\n \t<li>The calculation for price elasticity is the percentage change in quantity demanded divided by the percentage change in price<\/li>\r\n \t<li>When the absolute value of the price elasticity is &gt;1, the price is elastic and people are very sensitive to changes in price<\/li>\r\n \t<li>When the absolute value of the price elasticity is &lt;1, the price is inelastic and people are insensitive to changes in price<\/li>\r\n<\/ul>","rendered":"<p>The following video is a little long to watch, but it provides an excellent overview of elasticity and explains both the concept and the calculations in a simple, easy-to-follow way.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Episode 16:  Elasticity of Demand\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/4oj_lnj6pXA?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>You can <a href=\"https:\/\/oerfiles.s3-us-west-2.amazonaws.com\/WM+Marketing\/Transcriptions\/Episode16ElasticityofDemand.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for &#8220;Episode 16: Elasticity of Demand&#8221; here (opens in new window)<\/a>.<\/p>\n<p>In review:<\/p>\n<ul>\n<li>Price elasticity measures the responsiveness of quantity demanded to a change in the product price<\/li>\n<li>The calculation for price elasticity is the percentage change in quantity demanded divided by the percentage change in price<\/li>\n<li>When the absolute value of the price elasticity is &gt;1, the price is elastic and people are very sensitive to changes in price<\/li>\n<li>When the absolute value of the price elasticity is &lt;1, the price is inelastic and people are insensitive to changes in price<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-4217\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Elasticity of Demand Introduction. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>Elasticity of Demand. <strong>Authored by<\/strong>: mjmfoodie. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/4oj_lnj6pXA?t=1s\">https:\/\/youtu.be\/4oj_lnj6pXA?t=1s<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube license<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":20,"menu_order":21,"template":"","meta":{"_candela_citation":"[{\"type\":\"copyrighted_video\",\"description\":\"Elasticity of Demand\",\"author\":\"mjmfoodie\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/4oj_lnj6pXA?t=1s\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube license\"},{\"type\":\"original\",\"description\":\"Elasticity of Demand Introduction\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"e3c87806-b27f-42b4-948d-e36540cdbb7c","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-4217","chapter","type-chapter","status-publish","hentry"],"part":220,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/pressbooks\/v2\/chapters\/4217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/wp\/v2\/users\/20"}],"version-history":[{"count":11,"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/pressbooks\/v2\/chapters\/4217\/revisions"}],"predecessor-version":[{"id":9034,"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/pressbooks\/v2\/chapters\/4217\/revisions\/9034"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/pressbooks\/v2\/parts\/220"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/pressbooks\/v2\/chapters\/4217\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/wp\/v2\/media?parent=4217"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/pressbooks\/v2\/chapter-type?post=4217"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/wp\/v2\/contributor?post=4217"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/wp-json\/wp\/v2\/license?post=4217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}