DJ Econ says “price is different ‘cause it changes quantity instead.” What does he mean by this? From the you tube video

From the YOU TUBE video DJ ECO in -" Demand and supply"

iceng3 years ago

When an item price increases, the demand decreases and changes, ie lowers the Quantity being purchased.

When an item price decreases, the demand increases and more Quantity gets purchased.

Except for a Giffen Good where as the price increases the Demand increases !

http://en.wikipedia.org/wiki/Giffen_good

I'm glad you helped this kid with his homework, 'cause I learned a new thing! Thanks dude.

Thanks, I actually found and looked at her YouTube.

I guess now they are teaching econ by hip hop video !

Of course they are. I prefer my spoonful of sugar to help the economic medicine go down in the form of this guy: http://standupeconomist.com/