Institutions have accepted or given pre-approval for credit transfer.
* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 32 of Sophia’s online courses. Many different colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.
(00:00 - 00:20) Introduction (00:21 - 01:50) Own-Price Elasticity & Arc Price Elasticity (01:51 - 03:59) Coke Machine Example: How to Calculate Elasticity (04:00 - 04:46) How to Derive the Formula (04:47 - 05:13) Review
Terms to Know
Arc Price Elasticity
Dividing the percent change in quantity by the percent change in price to analyze the relationship between the two economic variables.
The middle point that represents the average of price and quantity when determining price elasticity.
Elasticity of demand when the price of a good changes, keeping all other variables and goods separate.