10 Mister Ekonomi | Elastisitas

Summary

In this video, the concept of elasticity in economics is explained, focusing on how changes in price influence the demand for goods. The law of demand states that as the price increases, demand decreases, and vice versa. Elasticity refers to the sensitivity of demand to price changes. The video explains five types of elasticity: elastic, inelastic, unitary elastic, perfectly elastic, and perfectly inelastic, with examples like the price changes of meatballs. The video also clarifies that most real-world demands are typically elastic, inelastic, or unitary elastic. The host encourages viewers to rewatch the video for a better understanding.

Takeaways

• 😀 Elasticity refers to the change in the quantity of goods demanded when the price of an item changes.
• 😀 The law of demand states that when the price of an item increases, the quantity demanded decreases, and vice versa.
• 😀 Elasticity measures how sensitive the quantity demanded is to changes in price.
• 😀 When the price of meatballs drops from Rp15,000 to Rp10,000, the quantity demanded increases, demonstrating elasticity.
• 😀 Elasticity can be categorized into different types based on the responsiveness of demand to price changes.
• 😀 If the elasticity coefficient is greater than 1, demand is considered elastic, meaning demand changes more than the price change.
• 😀 If the elasticity coefficient is less than 1, demand is inelastic, meaning demand changes less than the price change.
• 😀 A unitary elastic demand occurs when the elasticity coefficient equals 1, meaning the percentage change in demand equals the percentage change in price.
• 😀 Perfectly elastic demand has an elasticity coefficient of infinity, meaning demand becomes infinite at a fixed price.
• 😀 Perfectly inelastic demand has an elasticity coefficient of 0, meaning demand remains unchanged regardless of price changes.
• 😀 In real life, most demand is typically elastic, inelastic, or unitary elastic, rather than perfectly elastic or perfectly inelastic.

Q & A

What is elasticity in economics?

Elasticity in economics refers to the degree to which the quantity demanded of a good changes in response to a change in its price. It measures the sensitivity of demand to price fluctuations.

How does price change affect demand according to the law of demand?

According to the law of demand, when the price of an item increases, the quantity demanded decreases, and vice versa. This inverse relationship is the foundation of elasticity.

Can you give an example to explain elasticity?

For example, if the price of a bowl of meatballs is reduced from Rp15,000 to Rp10,000, and as a result, the number of meatballs purchased increases from 10 to 20, this change in demand due to price is an example of elasticity.

What does it mean for elasticity to be greater than 1?

When the elasticity coefficient is greater than 1, it means that the percentage change in the quantity demanded is greater than the percentage change in price. This indicates that demand is elastic, and consumers are highly responsive to price changes.

What is meant by inelastic demand?

Inelastic demand occurs when the elasticity coefficient is less than 1, meaning the percentage change in demand is smaller than the percentage change in price. This indicates that consumers are less responsive to price changes.

What does unitary elasticity mean?

Unitary elasticity occurs when the elasticity coefficient equals 1, meaning the percentage change in the quantity demanded is the same as the percentage change in price. Demand changes proportionally with price.

What is perfectly elastic demand?

Perfectly elastic demand occurs when the elasticity coefficient is infinite, meaning even the smallest price change leads to an infinite change in demand. In this case, demand becomes unlimited at a fixed price.

What is perfectly inelastic demand?

Perfectly inelastic demand occurs when the elasticity coefficient is 0, meaning that no matter how much the price changes, the quantity demanded remains unchanged.

In everyday life, which types of elasticity are most commonly observed?

In everyday life, most goods exhibit elastic, inelastic, or unitary elasticity. Perfectly elastic and perfectly inelastic goods are rare.

How can understanding elasticity help businesses and consumers?

Understanding elasticity helps businesses set optimal pricing strategies to maximize revenue. It also helps consumers make informed decisions about their spending when prices fluctuate.