The Khan Academy has a series of videos explaining elasticity. Go to www.khanacademy.org/economics-finance-domain/microeconomics/elasticity-tutorial/price-elasticity-tutorial/v/price-elasticity-of-demand
Here is another explanation of price elasticity of demand with lots of cute drawings: youtu.be/4oj_lnj6pXA
Here is an explanation of price elasticity of demand as a standard lecture: youtu.be/MNiEHvw6TTg
Some college students sing a sad song bemoaning the fact that their demand curve is inelastic. What does the song tell you about elasticity? (The lyrics keep repeating "change in quantity over change in price." Is that the formula for computing elasticity? Also, we do not have just one demand curvewe have a great many demand curves.)
These links were checked on December 4, 2013.
Copyright Robert Schenk