Economics: How Changes in Prices Influence Market Behavior Through Demand, Supply and Decision-Making
Economics Price Elasticity Shaping Market Dynamics:
How Changes in Prices Influence Market Behavior Through Demand, Supply and Decision-Making.
Dive into the world where economics meets business strategy! Understand how elasticity influences the market forces of demand and supply and the crucial business decisions around pricing, revenue, sales forcasting, market share and more.
Discover how companies determine their price points and how policymakers set taxes on products or services. From micro to macro economics settings, elasticity is the key concept that governs these decisions.
WHAT YOU'LL LEARN
This comprehensive online course will guide you through the entire elasticity spectrum, from its role in economics to its impact on business strategies. We break down the concept of elasticity into three crucial chapters:
Price Elasticity of Demand: Understand what Price Elasticity of Demand (PED) is, learn to calculate PED using two formulas, and explore the factors that affect PED and other demand elasticities.
Price Elasticity of Supply: Discover what Price Elasticity of Supply (PES) is, learn to calculate PES using two formulas, and investigate the factors that impact PES.
The Business Aspect of Price Elasticity: Delve into why businesses need to understand their products' or services' elasticity. Learn how Price Elasticity aids in sales forecasting, pricing, and non-pricing strategies. Understand the relationship between elasticity, total revenue, cost, tax incidence, and explore the business aspect of other price elasticities. You'll also get insights into the common mistakes managers make with price elasticity.
Case Studies: Get access to articles and short case analyses on elasticity of various products and services.
As a bonus, we've included a comprehensive PDF notes document summarizing all the key points discussed in the course, alongside relevant articles.
IMPORTANT NOTE
While this course provides comprehensive insights into elasticity, it is not a complete course on pricing. It focuses on elasticity—one of the most critical and often misunderstood metrics of pricing decisions.
Why Learn From Me?
With 15 years of experience in the business world, including managerial positions in multinational companies, as a business owner, lecturer, and consultant, I bring first-hand experience in pricing decisions and economic analysis of price elasticity in tech-related industries. My courses are consistently highly rated by students for their engaging nature and ability to simplify complex concepts. I look forward to welcoming you to this group of satisfied students as we delve into one of the fundamental metrics for pricing.
Who is the target audience for this course?
Anyone involved in selling—whether it's products or services, online or offline—marketing consulting, strategy, management will find this course invaluable. If you want to understand both the quantitative and qualitative factors of your product's or service's elasticity and how to maximize your total revenue using this crucial metric, this course is for you.
Enroll now and empower your business and career with a deep understanding of elasticity!
Having a deeper understanding of elasticity, one of the key metrics of pricing
Quantitative analysis and qualitative factors that influence price elasticity
Business aspect of price elasticity considering pricing decisions, total revenue, cost and tax incidence
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Evrim is a multifaceted professional based in Shanghai, thriving as an entrepreneur, lecturer, economist, and consultant. Her passion extends beyond traditional classroom teaching, reaching over 100,000 students both in person and online over a remarkable 15-year career.ECONOMISTEvrim's dedication to excellence in economics education spans over a decade. Teaching Economics at international schools and respected universities in Shanghai, she's taught and...
Illustrations in the course are very helpful in understanding the elasticity so, thank you for putting in the extra work for making these complicated concepts as simple as possible for us. With the detailed knowledge shared, I’m able to analyze the markets I’m assigned to at work with much ease.
clear and straight to the point
Yes, very easy to understand the key points and graphics help greatly
Great lecture
perfectly explained content, I already feel like an economist
Much gratitude to the teacher for preparing this course, and helping me learn about these concepts.
Here are my honest thoughts about this course:
- Concepts were clear and delivered in easy to digest byte sized nuggets.
- The structure was good and the teacher's pace is suitable even for non-native English speakers like myself.
- I am an engineer, and not an economist or a finance major, and so, this course has helped me in understanding the basic forces/factors that influence the price of goods in the market.
- The lifetime access from Udemy helps in case I need a quick recap of anything.
Cons:
There are no major cons, except for one small gripe. I had some difficulty in grasping certain words initially owing to how they were pronounced by the teacher. It took me a couple of videos to get used to them, and I think they will no longer be an issue if I learn more from this teacher as I am now used to them.
Important note to future learners/students: Please learn about the concepts surrounding Demand before you do this course. That will help you a lot in understanding and appreciating what you learn from this one.
the outline is good.
need to explain in a slower tone.
Course is great , Thanks
Its basically a textbook refresher course which helps to understand the concepts of Price Elasticity which you basically can google it yourself. But I thought that the course was straight to the point, easy to follow and well structured. If only there were more insights on how companies go about setting their price and how do they measure time-to-time with real life examples, it would be perfect.
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Oudarjya S. S.
great course