ECON101: Principles of Microeconomics

Revisit the previous explanation by watching this video and further your understanding by interpreting the results of price elasticity of demand. Pay close attention to whether we are using the absolute value to calculate elasticity. Avoid memorizing the interpretation of the results; they are so intuitive that it is not worth occupying your brain's storage capacity with these details. Be sure to grasp the concept that elasticity is a unit-free measure.