Price Elasticity of Demand: Shows the change in quantity demanded good when there is a price change. Elasticity is determined by the access to substitute goods.
- Perfectly Inelastic: If the demand curve is vertical then demand is perfectly inelastic
- Inelasticity usually occurs with necessity goods such as water. Even with a price of water changes, consumers would continue buying the good.
- Perfectly Elastic: If the demand curve is horizontal then the demand is perfectly elastic
- This occurs when there is a presence of substitute goods. Any price change of a good would cause consumers to shift demand to another good.
Learn about the creator of The Econ Patrol!
Madison Reeser is a senior marketing major who will be graduating in the fall of 2018. She works part time at Buffalo Wild Wings and teaches Musical Theatre at The Dance Center in Independence, KY. With a background in theater and a passion for creativity in education, her first Econ Beats project was in the fall of 2015.
- You have previously submitted an Econ Beats assignment in Dr. A's class. What made you want to submit another? When the opportunity to submit a second video came up, I couldn’t wait to create another. There’s something about the creative process and learning through music and performance that really calls to me. When Dr. Al-Bahrani first introduced the project to my class way back in the fall of 2015, I was ecstatic. I couldn’t wait to work on it. I was fortunate enough to be with a group that had great ideas and we gelled together immediately. I created a lot of friendships and memories through the project, and we had a wonderful product that all of us were proud of. Because I continued to be involved with Econ Beats, and I was able to see the new videos being created, I missed the process. When Wheatley Elementary students performed a live rendition of an Econ Beats song a few semesters ago, it solidified the belief that I hold that education and creativity go hand-in-hand, and it’s important to have artistic outlets through which to teach. Long story short, I just, wanted to make another video because I believe in what the project is trying to accomplish, and having an increased amount of content in this case is never a bad thing.
- Please describe your process for creating your video? My process really begins with selecting an economic concept. It’s gone that way for each video I’ve made and seems to be the best way to begin. I shuffle through pages of notes and chapters until I find something I can get behind, usually the most interesting topic. The first time it was unemployment for macroeconomics, and this time it was price elasticity of demand for microeconomics. The next step, and probably the most lengthy step apart from actual video creation, is song selection. Over the years, the videos that most often win are the ones with catchy tunes that are upbeat and sometimes funny. With our first video we really wanted to go with funny, so myself and Shelby Pennycuff came up with the idea to essentially Rick Roll everyone, which I believe was the first mashup in Econ Beats history. We were definitely going classic 80s with Journey and Rick Astley, and I still hold the belief that retro is the way to go for any Econ Beats song. However, in my second go, it took me a while and a few tries to find the perfect song. I recalled my retro theme and finally settled on Ninja Sex Party’s “Cool Patrol” which, granted, isn’t an 80s hit, but it does have that vibe, and you can dance to it. After that it’s lyrics, which isn’t all that hard if you take directly from your notes and remember to rhyme. After that, all you need to do is make sure you have a video concept, equipment, time, and friends for video creation. All of which I had access to. I do want to give a shoutout to my friend Jackson Kitchen who created a killer backing track for me this time around. I did all the audio mixing and video editing myself, and that was that! An Econ Beats video for the books
- I know you have worked with Dr. A on your Econ Beats video. Can you describe that process? I actually didn’t consult Dr. Al-Bahrani too much in the process, the only thing I did was submit my video concept to him to make sure everything was sound. All I know is that he was definitely cheering me on, and I know he’s probably happy to see a student take this much interest in his project.
- What advice would you give to other students looking to make their own Econ Beats video? I always give students the same advice when making the video: Song selection and strong economics are the key. If the audience is having fun, then you have their vote. If Dr. Al-Bahrani is thrilled about the amount of information you have in your lyrics, you have an A. He also loves when students put equations in the song lyrics, so there’s a helpful hint!
Madison's first Econ Beats video was with
her classmates in the Fall of 2015