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This is " Elasticity of Demand " from our Principles of Economics: Microeconomics course. How much does quantity demanded change when price changes? By a lot or by

This is "Elasticity of Demand" from our Principles of Economics: Microeconomics course.

How much does quantity demanded change when price changes? By a lot or by a little? Elasticity can help us understand this question. This video covers determinants of elasticity such as availability of substitutes, time horizon, classification of goods, nature of goods (is it a necessity or a luxury?), and the size of the purchase relative to the consumer’s budget.

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