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Curated Video
Understanding Elasticity in Business: Price and Income Elasticity of Demand
This video provides an overview of the two main forms of elasticity in business: price elasticity of demand (PED) and income elasticity of demand (YED). The speaker explains the concepts of elasticity and responsiveness, and goes on to...
Khan Academy
Khan Academy: The Demand Curve: Inferior Goods Clarification
Provides more clarification on what constitutes inferior and normal goods. [5:19]
Khan Academy
Khan Academy: The Demand Curve: Normal and Inferior Goods
Explains how the demand for some goods could actually go down if incomes go up. [5:56]
Khan Academy
Khan Academy: Normal and Inferior Goods
Demand for normal goods increases when income increases, but demand for inferior goods decreases when income increases. In this video [5:55], we use the example of a computer and a car to describe the concepts of normal goods and...
Khan Academy
Khan Academy: Inferior Goods Clarification
The concepts of normal goods and inferior goods can be tricky, and the definitions can be somewhat subjective as well. In this video, we take a deeper look at these kinds of goods.