The key metric of pricing in Economics: Elasticity
- 1.5 hours on-demand video
- 5 articles
- 4 downloadable resources
- 2 Practice Tests
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- 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
- Business strategies related with pricing decisions to maximize revenue related with elastic and inelastic demand
- No need to have a prior knowledge on elasticity or pricing.
- Basic understanding of economic concepts of demand, supply, equilibrium and shift is required.
- A desire to learn how an analysis of an economics concept is used in the business that has the huge impact on the bottom line.
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.
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.
- This course is vital for business owners, marketers, economists, students and anyone who is selling their products or sevices.