Principles of Microeconomics : Elasticity

Understand the economics of Elasticity and learn to analyze supply and demand with greater precision.
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  • Lectures 26
  • Length 1 hour
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 3/2016 English

Course 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 :) 

What are the requirements?

  • Basics of Microeconomics : Demand and Supply Mechanism

What am I going to get from this course?

  • 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

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

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.


Section 1: Before you start this course
Introduction to the course and the instructor
Section 2: Elasticity of Demand
Elasticity - Measure of Responsiveness
Price Elasticity of Demand and its determinants
Percentage Change Method
Problems with Percentage change method
Playing with formulas
Why isn't slope a measure of responsiveness?
Geometric method
Proof of Geometric method
Revisiting the results of Geometric method
Total revenue and Price Elasticity of Demand
Constant Elasticity Demand Curves
Flatter the demand curve, greater the Elasticity
Other Demand Elasticities
Test your Knowledge
5 questions
Reason based Questions
Answers to Reason Based Questions
Section 3: Elasticity of Supply
Price Elasticity of Supply and its determinants
How to compute price elasticity of supply?
Constant Elasticity Supply Curves
Proof : Situation when Price Elasticity of supply is always equal to 1
Case when elasticity of supply is not constant
Reason based questions
Answers to Reason Based Questions
Section 4: Problem Set
Before you start solving the problem set
Problem set questions
Problem Set Solutions

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Instructor Biography

Shubham Kalra, Founder at , M.A.Economics , Business Analyst

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.

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