Learn the fundamental economic principles of consumer demand and how the relationship between price, quantity and demand affect the market.
About this course:
Demand is a simple yet challenging concept that is essential to understanding how markets function. In this economics course, you will gain a solid understanding of demand, its underlying principles, major determinants and how they are beneficial for individuals, decision makers inside the firm, and policy makers.
During your time in this course, you will discover how managers can better understand the impact of pricing changes on units sold, revenue and the relationship between products in order to inform strategic planning. You will learn how many programs and policies are designed to change how individuals and businesses interact in the market and you will gain the tools to identify them. Models of consumer choice and demand will guide you in thinking about how individual incentives change and what the likely impact will be of those changes.
What you'll learn:
Why demand is a negative relationship between price and quantity
How to identify market changes that will impact demand
How to define the price elasticity of demand
The relationship between price elasticity of demand and changing market conditions
Note:
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