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- [Instructor] We are now going to discuss price elasticity of demand, which sounds like a very fancy concept, but really, its a way for economists to sense how sensitive is quantity to change in prices. And in this video, were gonna denote it as a capital E, so E, price elasticity of demand. And the easy way to think about it is it is your percent change in, Ill use the Greek letter delta as shorthand for change in here, percent change in quantity over your percent change in price. And so, you might say, wait, how does this relate to the everyday idea of elasticity? Well, imagine two bands. So, lets imagine an inelastic band, inelastic, right over here, and lets imagine an elastic band right over here. So, in an inelastic band, if we apply some amount of force, youre not going to be able to stretch it much, it might stretch a little bit, while an elastic band, if you apply that same amount of force, you might be able to stretch it a lot more. And so, the analogy here is were no
