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Elasticity: Why Some Prices Can Double and Nobody Stops Buying | A Life Well Lived
(04:05) Why it matters
(02:33) Four clues
(01:31) Elastic and inelastic
(01:02) What elasticity means
(00:00) Salt or a restaurant?
If salt doubled in price tomorrow, would you stop buying it? Probably not. If your favourite restaurant doubled its prices, you might cook at home tonight. Lesson 2 of A Life Well Lived explains elasticity, the idea Alfred Marshall defined in Principles of Economics (1890): how strongly people react when a price changes. You'll learn the simple formula, elastic and inelastic demand, the four clues that tell them apart, and why it matters for your shopping, your…
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