drabsv

Improving Yedda: http://yedda.com/questions/Improving_Yedda_1869149124114

Practical guide to value and price

In economics there is much theorising about the concepts of value and price. Are there, however, any practical guidelines how to know the value of labour, especially intellectual labour?

Put in other words, if I want to charge for a service (involving intellectual work, e.g. training) how can I know how much that labour would be worth?

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employment, profit, economics, economy, labour, job, price, value, pricing, political economy, perceived value, hourly rate, price formation

Posted 2007-02-15T18:34:44Z
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cbehrens

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Price is the intersection of the supply of your service and demand for it. The best way to formulate a price for your services is to compare alternatives, i.e., how much would it cost for customers to obtain the value you provide from other means.

Compare the value of your training to a local college, or professional training organization that provides a comparable service.

Posted 2007-02-16T21:31:59Z

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brosen

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Basically it is a question of supply and demand. How sought after are your services and how many individuals provide the same service as you. A good way to start would be to check the average cost for the services you offer and take it from. If you are experienced and have a good reputation then take more but if you are just starting out it would be best to charge less until you build up a loyal and satisfied clientele.

Posted 2007-03-15T12:46:57Z

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