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Lecture 3: Elasticity

Lecture 3: Elasticity

This video was recorded at 14.01SC Principles of Microeconomics, Fall 2011. Everyone knows the unpleasant feeling that results from the price of something you've been longing to buy increasing – or the excitement of seeing your favorite snack go on sale! When the price of a good changes, consumers' demand for that good changes. We can understand these changes by graphing supply and demand curves and analyzing their properties.... Show More

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