Economics : Behavior of Buyers and Sellers & Product Pricing
4.1 (310 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
7,048 students enrolled

Economics : Behavior of Buyers and Sellers & Product Pricing

The Easiest Beginner level Course on Economics with real life examples and graphic content. Perfect for Newbies!
4.1 (310 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
7,048 students enrolled
Created by Shubham Kalra
Last updated 11/2019
English
English [Auto-generated]
Current price: $34.99 Original price: $49.99 Discount: 30% off
5 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 2 hours on-demand video
  • 8 articles
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
Training 5 or more people?

Get your team access to 4,000+ top Udemy courses anytime, anywhere.

Try Udemy for Business
What you'll learn
  • Understand how the price of a product is determined via Demand and Supply interactions
  • Learn how factors like income of consumer, fashion, demographic structure, business location etc. can affect the product's sales
  • Develop an intuitive understanding of how to price a product in a market based on competition and product type
  • Start talking basic economics in real life
  • Feel more confident to go for further concepts
Requirements
  • No prior knowledge of Economics is required.
Description

This course is your first step to build an excellent understanding of Economics. It has students (from over 130 countries), including absolute beginners in Economics and professionals from marketing and consulting fields!  Here is what some of them have to say:

"This entire course simplified my last 3 lectures in Economics for my MBA program. Thanks you so much for this course!"  ~ Naomi Cassin

"A very superb course to learn for marketers and sales people to understand economics and market demand. Well arranged course with simple language and easy to understand" ~ Abdul Qadir Samad

"The author's clarity about what's being handled is exceptionally good" ~ Harish

"I liked this course, it explains the basics of Supply and Demand. It helped me understand some things that weren't detailed when I studied it in my university. Thank you Shubham Kalra for this course!" ~ Caroline Dos Santos Correa


Course Description: 

Welcome to this course on Basics of Microeconomics : Behavior of Buyers and Sellers & Product Pricing

This course is divided into 2 parts:

1) Understanding the Behavior of Buyers and Sellers
This part is covered in Section 1 (Demand), Section 2 (Supply) and Section 3 (Supply and Demand Together)

In this part, I will take you through the heart of Economics - Demand and Supply Mechanism (Determined by Buyers and Sellers ) and we will discuss the following topics :

What is Demand?
Do you demand less when the price of a commodity rises.? Yes..? Think again..!
Is your Demand only a function of price?
What is supply?
What affects supply of a good in the market?
We, as buyers, want to pay as low a price as possible; sellers, on the other hand, want to charge as high a price as possible, seems like there  are opposite interests here, then who gets to decide the price?
How does this price mechanism function?

2) Product Pricing Decisions - Price Elasticity of Demand and Supply
This part is covered in Section 4 (Elasticity of Demand) and Section 5 (Elasticity of Supply).

In this part, you will understand how to analyse demand and supply with greater precision and the product pricing mechanism.
We will go through the following topics:

What is Price Elasticity of Demand? 
How much product pricing power do you have?
How to calculate Elasticity? 
What is Price Elasticity of Supply? 
What affects Price Elasticity of Supply? 
  
This course is not only for the students of Economics but for anyone who has an interest in understanding these powerful mechanisms. 

It is a beginner level course and all the topics and concepts start from scratch, so even if you are not familiar with Economics, you may take this as your first step to understand this powerful subject.   

All that said, if you would like to discuss something while you are learning, please feel free to start a discussion or PM me.

Let's get started..!

Who this course is for:
  • Economics students, who would like to brush-up these concepts or were not taught these concepts in a detailed manner earlier
  • Students from Non-Economics Background, who would like to learn basics of microeconomics in a simple and intuitive manner
  • Consultants, who would like to understand how the market place work so that they could understand the thinking process of the consumers and develop better solutions for their problems
  • Marketers and Sales people, who would like to understand the market demand and want to take better pricing decisions for their products
Course content
Expand all 38 lectures 01:51:15
+ Demand
7 lectures 28:12
Demand vs Quantity Demanded
03:02
Individual Demand and Market Demand
02:13
Shifts in Demand Curve (Change in Demand)
07:19
Shifts in Demand Curve (Continued)
07:24
Quiz (Demand) - 8 Questions
8 questions
+ Supply
4 lectures 10:48
Supply and Quantity Supplied
01:59
Law of Supply, Supply Schedule and Supply Curve
04:47
Movements along a Supply Curve (Change in quantity supplied)
01:17
Shifts in Supply Curve (Change in Supply)
02:45
Quiz (Supply) - 4 Questions
4 questions
+ Supply and Demand Together
8 lectures 20:16
Market Equilibrium
02:31
Why equilibrium price is determined when demand equals supply?
02:51
3 steps to analyze changes in equilibrium
00:36
Effect of shift in Demand and shift in Supply on market equilibrium
04:54
Effect of simultaneous shift in Demand and Supply on market equilibrium
04:41
Food for thought..!
00:10
Quiz (Demand and Supply Together) - 3 Questions
3 questions
Solutions to Some Additional Practice Questions
02:27
+ Elasticity of Demand
13 lectures 39:47
Elasticity - Measure of Responsiveness
01:51
Price Elasticity of Demand and its determinants
05:12
Percentage Change Method
05:08
Problems with Percentage change method
05:22
Playing with formulas
00:13
Geometric Method
02:45
Proof of Geometric Method (Optional)
00:00
Total revenue and Price Elasticity of Demand
04:59
Constant Elasticity Demand Curves
03:42
Flatter the demand curve, greater the Elasticity
02:18
Other Demand Elasticities
02:52

This lecture has 5 True/False Type Questions. These questions might seem easy but they turn out to be little confusing sometimes. Let's test your knowledge! 

Quiz (Elasticity of Demand) - 5 Questions (Not that Straightforward)
5 questions
+ Elasticity of Supply
5 lectures 10:23
Price Elasticity of Supply and its determinants
04:17
How to compute price elasticity of supply?
01:20
Constant Elasticity Supply Curves
01:41
Proof : Situation when Price Elasticity of supply is always equal to 1
00:06
Case when elasticity of supply is not constant
02:59
Quiz (Elasticity of Supply) - 4 Questions
4 questions