00:01
So here we're talking about micro principles, and we are thinking about the responsiveness.
00:06
So of q demanded to p.
00:13
Now, by definition, this is elasticity, right? so this is c, price elasticity of demand.
00:22
This is simply the definition.
00:24
And the way that i would remember this is that elasticity and responsiveness are very, very similar words, right? when you think about elasticity, we're thinking about how much give, how much bounce, how much movement it has.
00:35
Responsiveness is also just trying to capture that using a different word.
00:39
The other thing, right, if we look at the others, for b, we have revenue.
00:44
For c, b, we have of equilibrium, equilibrium, and d...