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I learned something very cool
Topic Started: Oct 19 2006, 07:38 PM (141 Views)
musicasacra
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HOLY CARP!!!
In my Business Economics class last night, we learned about price elasticity.

I so want to master this!

We looked at a sale Toyota had on a certain model and how many of that car they sold due to the sale. From that we determined its price elasticity. From that and the costs of the car (wholesale price plus sales commission at the dealership) we determined the profit maximizing price they should set for the car. It was so cool.

For example, if a company sold products in several states, we could use price elasticity to determine the profit maximizing price to set on those products in each state, rather than simply setting the same price in each state. Revenues go up, the corporation is happy, bonuses to the price elasticity geniuses!

:thumb:
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uevA
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Newbie
Ah! May I be so bold as to comment on your use of four different lines of text! What grouping, what art! I am at once in the utmost state of serenity.
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apple
one of the angels
aveu? - are you dyslexic now?

looc

untie! untie!
the night is nigh
missing a t - the cacher in the rye
my logic my premise has
moce undone

untie your cloths and lie

with me your faihful servant, your
ally, spawn and compariot....

elppa!
it behooves me to behold
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musicasacra
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HOLY CARP!!!
uevA
Oct 19 2006, 08:41 PM
Ah! May I be so bold as to comment on your use of four different lines of text! What grouping, what art! I am at once in the utmost state of serenity.

yeah, funny how people don't like to read great big chunks of unbroken text.

so, are you a fan of price elasticity or not?

i am. and also, there's money in it. bonus.
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JBryan
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I am the grey one
Elasticity rocks!

Buying on the internet puts a small wrinkle in the theory going forward.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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musicasacra
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HOLY CARP!!!
JBryan
Oct 19 2006, 09:02 PM
Elasticity rocks!

Buying on the internet puts a small wrinkle in the theory going forward.

because it's like having one big state for your products, with everyone being able to see what you're charging. i'll raise that point in next week's class.

:thumb:
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Mikhailoh
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If you want trouble, find yourself a redhead
JBryan
Oct 20 2006, 12:02 AM
Elasticity rocks!

Buying on the internet puts a small wrinkle in the theory going forward.

JB, I don't think I've ever seen you get so excited. I had no idea you were a closet Econ geek! :biggrin:
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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