Economics: Price Elasticity Shaping Market Dynamics

Economics: How Changes in Prices Influence Market Behavior Through Demand, Supply and Decision-Making

4.80 (235 reviews)

Udemy

platform

English

language

Economics

What you will learn

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

Why take this course?

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!

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Reviews

Christine

February 16, 2024

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.

Ajay

March 28, 2022

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.

Ting

January 17, 2021

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.

Noko

December 21, 2020

I love how you made Elasticity easy to understand. Just enough examples to put what you said in practice. I enjoyed this course

NSENGIYUMVA

June 4, 2020

My experience will be stronger enough than today through this course of Economics elasticity as teacher who have a bachelor degree in education especially in economics so this will help me enough in my career.

Kevin

March 2, 2020

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.

Elif

June 19, 2019

Thank you so much for making a such complex topic easy to understand. This topic was always very scary for me but finally, I can understand it. Excellent course!!!

종숙

February 12, 2018

I am following her course since the beginning and she just gets better and better in explaining difficult things cutting into pieces and made me conquer. Her material is easier to follow and pace is good. I am recommending this course also to people who wants to take economics in English (e.g study abroad as a non- English native) because her lecture is really easy to understand.

Joey

February 12, 2018

Excellent course on the topic. The course is practical and strategies are logical to apply in my business.

Kerem

February 10, 2018

Definitely to-the-point with many many real world examples! If anyone interested in these topics, this is certainly the place. The instructor, Evrim, explains it all in a very simple and energetic way that keeps you on the track. I personally enjoyed this course and learned many things. I totally recommend this wonderful course to anyone interested.

Dan

February 9, 2018

I like how the instructor explains complex topics by breaking them into simple steps. The case studies were very useful for me to understand different areas of its usage. This is the best course I've taken on economics. Thank you for putting this course.

Kurt

February 7, 2018

The material of the course is provided in a very detailed and simple way. I liked the way she explains even complicated concepts - as this topic regarding elasticity seems for me at least - clearly and understandable; especially with the help of visualized graphics, which made it more exciting to me to follow the sessions. The case studies can be easily applied to real and personal situations. It’s definitely worth your time and I’m looking forward already for the upcoming lessons. Gökçen

Laura

February 6, 2018

I found the course extremely informative and very enjoyable. Evrim really explained such complicated topics (for me) in such a way that was so easy to understand. She broke the material down and explained it in depth, but meanwhile managing to keep the course exciting. I flew through the course and it was over before I knew it! I loved also how she used real-life examples and case studies, as it means I won't forget what I learned. The material is very applicable to the real world and I will definitely use it to help me to set prices for my retreats in Bali.

Jessica

February 6, 2018

I like the animated diagrams a lot. It makes everything easy to understand. The quality of the content exceeded my expectations, very good! Thank you.

Jason

February 5, 2018

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.

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