Determinants of elasticity example | APⓇ Microeconomics | Khan Academy
Walk through the logic of determining what kind of good has the most elastic demand in this video.
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AP(R) Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality.
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Given the first derivative of an implicit equation in x and y, evaluate the second derivative at a certain point. Problem taken from the 2015 AP Calculus AB exam.
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Economies of scale exist when long-run average total cost decreases as output increases, diseconomies of scale occur when long-run average total cost increases as output increases and constant returns to scale occur when costs do not change as output increases.
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Even when the limits of two functions at some point do not exist, the limit of their sum or product might still exist.
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