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Learn about the economic concept of elasticity in this 29-minute lecture from NPTEL's Principles of Economics course. Explore how price elasticity of demand measures the relationship between changes in price and quantity demanded in the market. Master the distinctions between elastic demand (where quantity changes more than proportionally to price), inelastic demand (where quantity changes less than proportionally), and unitary elastic demand (where changes are proportional). Gain valuable insights into market responsiveness that can be applied to real-world economic analysis. The lecture offers certification options through NPTEL that qualify for course credits at Indian universities under UGC and AICTE guidelines.
