Principles of Microeconomics : Elasticity
4.3 (3 ratings)
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Principles of Microeconomics : Elasticity

Understand the economics of Elasticity and learn to analyze supply and demand with greater precision.
4.3 (3 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
780 students enrolled
Created by Shubham Kalra
Last updated 4/2016
English
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Includes:
  • 1 hour on-demand video
  • 10 Articles
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Understand the importance of elasticity as a measure of responsiveness
  • Analyze demand and supply with greater precision
  • Understand elasticity of demand and elasticity of supply
  • Build an understanding of methods to calculate elasticity
  • Solve numericals with better understanding
View Curriculum
Requirements
  • Basics of Microeconomics : Demand and Supply Mechanism
Description

Welcome to my course on 'Elasticity - Measure of Responsiveness'. This course is designed for students who are learning principles of microeconomics and who want to have an understanding of how to analyze demand and supply with greater precision. 

This course covers everything that you need to know about Elasticity to understand the other principles of microeconomics.I have included quiz and reason based questions as well to test your knowledge while learning.

Prerequisite required - 
Basic knowledge of Demand and Supply 

Note for all the entrepreneurs and businessmen who are interested in this course : 
This course does have a little bit of academic touch. For example : How to calculate price elasticity of demand might not seem useful to you but I suggest you to complete the full course and do not skip any lecture as all the topics are linked. Even when I am solving numericals /calculating elasticity , I do speak of some examples that could be helpful for you. 
P.S - Don't try to save 10-15 minutes by skipping lectures if you want to gain the most out of this 1 hour course :) 

Who is the target audience?
  • Any student who is learning the concept of elasticity for the first time
  • Any student who needs a step by step refresher of this concept with solved numericals and other reason based questions
  • Anyone who has an interest in Economics and is familiar with demand and supply mechanism
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Curriculum For This Course
Expand All 26 Lectures Collapse All 26 Lectures 55:55
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Before you start this course
1 Lecture 01:01
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Elasticity of Demand
15 Lectures 41:51


Percentage Change Method
05:08

Problems with Percentage change method
05:22



Geometric method
02:45

Proof of Geometric method
00:00

Revisiting the results of Geometric method
02:54

Total revenue and Price Elasticity of Demand
04:59

Constant Elasticity Demand Curves
03:42

Flatter the demand curve, greater the Elasticity
02:18

Other Demand Elasticities
02:52

Test your Knowledge
5 questions


Answers to Reason Based Questions
01:22
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Elasticity of Supply
7 Lectures 11:34
Price Elasticity of Supply and its determinants
04:17

How to compute price elasticity of supply?
01:20

Constant Elasticity Supply Curves
01:41

Proof : Situation when Price Elasticity of supply is always equal to 1
00:07

Case when elasticity of supply is not constant
02:59

Reason based questions
00:24

Answers to Reason Based Questions
00:46
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Problem Set
3 Lectures 01:55
Before you start solving the problem set
00:27

Problem set questions
00:41

Problem Set Solutions
00:46
About the Instructor
Shubham Kalra
4.4 Average rating
175 Reviews
7,646 Students
7 Courses
Business Analyst,M.A. Economics ,Certified Financial Planner

M.A. Economics, Business Analyst, Certified Financial Planner (CFP)

Shubham Kalra has a Masters in Economics from Delhi School of Economics and has worked as a Business Analyst in one of the largest banking and financial services organizations in the world.

He has done research projects in Education and Infrastructure Sector in India involving field work and analysis of data. He holds a diploma in Financial Planning and has good understanding of Risk Management concepts and Financial Instruments as well.

He loves teaching and has been teaching since his college days in  one way or another. It was in 2015, when he started teaching full time and is now teaching Economics and Statistics to many students online.His areas of specialization include Economics, Statistics, Finance and Game theory.