https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3 Denis Badurina - Assignment #2 en-us 2021-12-07 03:09:34 UTC 2025-11-19 23:19:43 UTC hello@padlet.com denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1932628275 The information here should help you get a better understanding of price elasticity. You'll learn the basics of price elasticity, applications in the real world, some graphs of price elasticity and some example calculations. ]]> 2021-12-07 03:13:40 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1932628275 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1932640085 This video gives a brief description of price elasticity of demand and it gives some examples and some useful graphs. In this video the presenter uses the example of gasoline. Gasoline follows an inelastic demand curve because the demand of gasoline does not really change when its price does. ]]> 2021-12-07 03:21:44 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1932640085 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1932643846 A video about price elasticity calculations. The calculation for determining the price elasticity of demand is % ChangeInQuantityDemanded / % ChangeInPrice and for supply its % ChangeInQuantitySupplied / ChangeInPrice.]]> 2021-12-07 03:24:28 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1932643846 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933741262 This is a very good video that displays a real world example with real world prices. This video will go through crude oil prices and what happens to supply and demand when the price of crude oil changes. ]]> 2021-12-07 14:57:53 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933741262 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933772378 This article from Harvard Business is pretty much a summary of the previous videos in a more detailed format. In this article they link this concept to business owners and how they monitor the elasticity of a product. When they see high elasticity in a product they know that the product is now considered a commodity among customers. Most business owners want to go from elastic to inelastic because it shows that the product is valued no matter the price. ]]> 2021-12-07 15:08:29 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933772378 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933774925 This article goes through more graphs and calculations. It will help develop a better understanding of price elasticity in the real world that business owners and economists use.]]> 2021-12-07 15:09:23 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933774925 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933776095 A 2020 article on the recent covid pandemic and how a decrease in travel and sales really showcases price elasticity. Obvious things like the travel sector saw a huge decrease in price and demand (-8.6%) and things like toilet paper saw a huge increase (+10.3%). ]]> 2021-12-07 15:09:47 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933776095 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933776934 A report from the Bank of Canada on changing house prices and the supply and demand response to those prices. It gives a summary of house prices for the past 20 years in Canada and shows a supply increase in correlation with those increased prices. ]]> 2021-12-07 15:10:06 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933776934 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933781886 A graph that shows inelasticity and elasticity. Perfect inelasticity shows no change in quantity demanded when the price changes (eg: gasoline). Perfect elasticity is the perfectly linear case when demand is tied to price and any change in price will drastically change demand (eg: gold). These curves can change depending on the product and how sought after it is. ]]> 2021-12-07 15:11:46 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933781886 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933782568 2021-12-07 15:12:01 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1933782568 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1934797200 This video goes through price elasticity of supply. It follows the same concept as price elasticity of demand but showcases the change in supply of a product in response to a change in its price. ]]> 2021-12-08 00:52:33 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1934797200 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1934965458 Various levels of elasticity demand with real world examples. ]]> 2021-12-08 02:42:17 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1934965458 denisbadurina https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1935004784 1. Nothing here was really that surprising, but I did find it interesting how in-depth some of these calculations can get for such a basic concept. It shows how economists really have to use their math knowledge in their field alongside their knowledge of the market trends and consumer interest. 
2. This topic is interesting to me because it shows the value and necessity of certain items. For example, items like gold are expensive and sought after but the second you increase the price the demand falls drastically. This is because there is an accepted price for gold and if you personally increase it, people just won't buy it. However, if you decrease the price, demand shoots way up. This makes sense because gold is a luxury item and not needed. However, if your product doesn't have a fixed, accepted price, you can really test consumer interest for your product by increasing the price and seeing how many people are still interested. 
3. I would pass on the basics of this subject like why we see this change of demand/supply for a product when the price for that product increases or decreases. You can get into specific examples that might interest them, like housing supply increasing when price does or even something like the demand of a certain chip brand when the price increases.]]> 2021-12-08 03:09:44 UTC https://padlet.com/denisbadurina/n5hnb9z4plq0c6s3/wish/1935004784