Economics: Price Elasticity Shaping Market Dynamics

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

Created by: Evrim Kanbur
Economist | Entrepreneur | Lecturer | Consultant

What Will I 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

Requirements

• 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.

Target audience

• This course is vital for business owners, marketers, economists, students and anyone who is selling their products or sevices.