The key metric of pricing in Economics: Elasticity
Original price was: $84.99.$14.99Current price is: $14.99.
What you’ll learn
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Having a deeper understanding of elasticity, one of the key metrics of pricing
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Quantitative analysis and qualitative factors that influence price elasticity
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Business aspect of price elasticity considering pricing decisions, total revenue, cost and tax incidence
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Business strategies related with pricing decisions to maximize revenue related with elastic and inelastic demand
Elasticity is the concept where economics meet with business strategy in terms of pricing. How do companies decide about which price point to implement? How do policy makers decide how much tax they should put on a product or service? or even whether to implement any interdiction or not? Elasticity is the key concept of economics whether it is for a micro setting or a macro setting as well as the pricing, one of the most important business decisions.
WHAT YOU’LL LEARN
This is the complete online course on elasticity which is one of the key metrics of pricing as well as economics. You’ll be learning Elasticity from the beginning to the end, from the economics perspective to the business aspect. In this course we break down elasticity into 3 chapters:
- “Price Elasticity of Demand”,
- “Price Elasticity of Supply” and
- “the business aspect of Price Elasticity” in terms the relationship of elasticity with sales forecasting, pricing and non-pricing decisions, total reveue, cost and tax incidence.
1. Price Elasticity of Demand: You will learn what Price Elasticity of Demand (PED) is, how to calculate PED with two formulas, the factors affecting PED and other demand elasticities.
2.Price Elasticity of Supply: You will learn what Price Elasticity of Supply (PES) is, how to calculate PES with two formulas, the factors affecting PES..
3. The business aspect of Price Elasticity: You’ll learn the reasons why business need to know their products’ or services’ elasticity, how they use Price Elasticity in sales forecasting and pricing and non-pricing strategies as well as the relationship between elasticity, total reveue, cost and tax incidence, the business aspect of other price elasticities and the common mistakes that managers make with price elasticity.
4. Case studies: You’ll have articles and short case analysis on elasticity of different products and services.
As a bonus, I also include a full PDF notes document that summarizes all the major points we go over in the course as well as articles.
REMINDER
This is not a complete pricing course, this course is related with one of the metrics and most mistaken concepts of pricing decisions which is elasticity.
Why Learn From Me?
I have 15 years of experience in business world including managerial positions in the multinational companies as well as being a business owner, lecturer and consultant. I have first hand experience in pricing decisions and ecnomic anlaysis of price elasticity in tech related industries. My students on a constant basis evaluate my courses highly and comment on the passion I have, how engaging my courses are and also how simple I make things for them. I hope you can join this group of satisfied students and learn one of the basic metrics for pricing.
So take this course now and understand elasticity and its importance in business decisions what it can do for your business and marketing efforts!
Who is the target audience of this course?
- If you’re selling anything, you need to know the impact of elasticity on your pricing, total revenue and even on your cost structure. This applies to people selling both online and offline, and it applies both for products and services.
- If you want to understand the quantitative as well as qualitative factors of your product’s or service’s elasticity and how to maximize your total revenue with the most important metric, this course is vital.
Who this course is for:
- This course is vital for business owners, marketers, economists, students and anyone who is selling their products or sevices.
10 reviews for The key metric of pricing in Economics: Elasticity
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Original price was: $84.99.$14.99Current price is: $14.99.
Jason Kansy –
I used to have difficulty in understanding the elasticity on its own but this course is a great source for not only having a deeper understanding about the concept but also showing you the practical part about it in the business world too. Clear explanations and engaging delivery definitely kept my attention! Thank you.
Arthur Lai Wong –
This course has made me realize what I was missing in the equation based on elasticity and raised my awareness. This course is practical and I highly recommend to any one who wants to analyze their pricing strategy from the point of elasticity.
Justing Berg –
I finally understood the concepts thanks to the clear and simple explanations. It makes it very easy to understand. I passed my Econ exam with an A+ so thank you to the instructor. I recommend this course to anyone who are studying Economics.
Perihan –
The case studies are amazing, especially the ones about Asia! Thanks for the new perspective. This course exceeded my expectations. Very well done.
Anonymized User –
I really enjoyed this course. The practice tests were well written to test the learning of the content of the course. So many times with online courses, the tests are too easy or too targeted on the knowledge instead of the learning.
Noko Dina Ramphela –
I love how you made Elasticity easy to understand. Just enough examples to put what you said in practice. I enjoyed this course
Andy Ting Pang Chong –
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.
Des Cupido –
Course is great , Thanks
Versellia Biggers –
the outline is good.
need to explain in a slower tone.
Ajay Aadhithya Chandrasekaran –
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.