@karla-15 Karla @J'Neal because in price elasticity of demand we have to distinguish or find out whether the demand of product is elastic and we say that the demand is said to be elastic if it is greater than i.e. PED>1 while demand is said to be inelastic if it is less than 1 i.e. PED<1
suppose a product a product has elasticity 1.8 that shows it is elastic thus if we don't neglect negative sign it's elasticity would be -1.8 showing it less elastic thus in order to differentiate whether the demand is elastic or inelastic we drop the negative sign as we know demand and price relation is inverse
Someone from Dubai, United Arab Emirates Hey! I'm Youssef, and I'm an IB Economics student. I fell in love with this subject and that drove me for a passion to helping people in it. I'd love to be one of the people that helps create it's roots on Socratic. I believe this subject should be on Socratic because many love this subject and would love to participate in asking and learning collaboratively. On the other hand, many struggle and these would love to get some extra help, since this is a very important subject.
Someone from Kathmandu, Nepal I am student of Masters in Business Administration from Nepal. I really love economics and it had become one of my hobbies to write into Socratic on micro-economics concept.
Microeconomics is all about how an economy works and is an interesting subject. It is a science, which I believe everyone should learn in order to know our society better. Since, economics is no more in Socratic, I don't feel like contributing. Please bring economics back to Socratic.
Someone from Pakistan 3rd year major in economics, I've been answering questions regarding microeconomics for quite some time. I'm kinda sad this subject became demoted, im hoping we can get it back on track .
Someone from Brazil Student of economics at Federal university of Roraima, Brazil. Winner of George and Joele Eddy Prize, Third place of the Mündliche Prüfung at Mises Institute. Current doing dissertation on Market Process.
I think that microeconomics should be on socratic because the major discussions around society and government touch upon or are totally economics issues, specially microeconomics, as macroeconomics is the net result of the individual interactions. This is a great reason but is not the only. Other reasons are the fact that microeconomics has a lot to teach not only in political economy issues, but in our life, to understand better the non-intentional effects of our actions and of our knowledge; the study of one of the most, if not the most, complex phenomena that we know, demonstrating to us the beauty of the economic order, and the role of institutions. I think that these reasons alone are enough, but are plenty. Microeconomics already was at the Socratic and should be back to it.
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By the community! (With support from the Socratic team.) To launch a subject on Socratic, you need a founding team of eight people who are committed to building and supporting the subject through its critical early days.
Once eight founders have signed up, you will form a team that collaborates to grow and nurture the subject using a live version of the site. You will write the subject's first featured answers and recruit other contributors. Most important, you will lead by example by participating often and encouraging others to do the same.
Once the founding team has built a foundation of helpful answers and a healthy community of supporters, the subject will graduate, meaning it will join the ranks as a designated Socratic learning resource. We'll also design a beautiful subject badge to make it official!
Anyone who knows a lot about Microeconomics can become a founder. Why? The Socratic community values passion, diversity of opinions, and commitment over credentials.
Alongside your knowledge, your passion to share and spread Microeconomics with students everywhere should be your driving force. This is what will help your subject succeed!
- Be one of eight people building a shared resource that will reach more than a million students every month. Now that's legacy.
- Connect and collaborate with brilliant people around the world who share your passion. Find your tribe.
- Earn credibility and status, online and off. Add it to your resume! Founding a subject will keep you sharp, and can even help in your professional life.
- Have fun. Building something you're proud of feels pretty darn good.
New subjects need a foundation of helpful answers and, most important, continuous participation from passionate folks. As a founder, you will:
- Ensure that your founding team creates at least 20 featured answers that represent that very best in your subject
- Participate often and encourage other team members, so that you meet your shared goal of high activity days (days on which 8 or more people contribute)
No matter who you are, life is busy and unpredictable. That's why there are no individual or time-based requirements for subject founders. You can contribute to your shared goals anytime, from anywhere - so long as you make an active effort to support the team and push the subject forward.
If you know someone who would be a great founder for a new subject on Socratic, you can — and should! — invite that person by sharing the link to this page with them, and encouraging them to sign up.
Inviting a friend to join you on the founding team likely means working with someone you already respect, which'll help establish trust amongst the team early on. Trust = better outcomes and more fun.
Yes! To help get Microeconomics launched on Socratic, you can:
- Recruit others (know a potential founder?) and spread the word (share links with interested friends or online groups you're part of)
- Contribute early answers — anyone can write answers, even if you're not a founder
- Ask some of the first questions (if you're studying this subject or want to learn about it)
- Get to know the founders and chime in with support and encouragement