Yep, I understand you need to be at an auction house and clicking "scan" to get a report. It would save me a lot of time to visit the AH every hour or so and scan, instead of sitting there manually going through 179 glyphs heheh
It's really not worth the time and effort to make such an addon. List your glyphs for the minimum time, undercut what's up there, and when they come back just relist them. Trust me, you'll make plenty of gold with that method, you don't need to sit around obsessively trying to dominate the market.
Yes, you do make money by listing for 12 hours and relist them when they come back, but you'll make much, much, MUCH more if you dominate the glyph market. I think over time (at least for me), it will pay off to write this add-on. I guess if I had this add-on, I wouldn't release it to the public for my competitors to use it against me =)
You can sell 2 glyphs for 5g profit each (total 10g), or you can sell 1 glyph for 10g profit.
More sales does not necessarily equate to more profits, until you study the elasticity of demand and supply, and that of the herbs as well.
Blah blah big words :P The trick isn't simply dominating the market at all, it's finding the items that move fastest and producing just slightly faster than the demand. You could keep you items listed the cheapest and they still never sell, but if you put a single one up, keep it the cheapest, and restock it the moment it sells, that's about the maximum profit you can make. But again, it's far too much time investment for the money really.
Huh? elasticity determines the slope of the demand and supply lines, the profits are determined by MUC.
Yes. Elasticity is how the revenue will change in response to a the ratio of (% change in price / % chance in quantity sold). If this ratio is > 1 (note this ratio is almost always negative, so we usually just speak in absolute terms), then the price change is larger than the quantity sold change (means the slope is very steep) and it is advantageous to increase price as it will cause very little decrease in quantity sold.
The point where elasticity is exactly 1 is the point where revenue is maximized.
The main thing to note is that the average cost (AVC) of producing 1 unit of glyph in the wow environment is linear scaling, it isn't a U-shaped curve like in real life with diminishing returns when there are more resources, nor is there a fixed cost component, all costs are variable costs.
Always just would find where MC = MR for profit maxization, and the would use elasticity to determine the change in quantity demanded and supplied in reaction to price changes...
Anyway, interesting you should mention about there not being a fixed cost component, because I almost put that same thing in my first reply, then thought better of it, the time spent and the gold costs for leveling and recipes may be considered a fixed cost component. It would all be sunk costs though so, yeah, no effect on the pricing model really. Though of course WoW has to introduce artificial scarcity which is what makes its economics both interesting and 'flakey'. The other oddity of course is all goods are equal no matter what craftsman produces them, including 'students', so people often subsidize the production costs of goods just to level up with the end result being the same product to the buyer, so lots of cases where goods are sold below the costs of the reagents.
Well, I side with Quoc79 here, even with Auctioneer it's pretty boring to always relist my glyphs. I am new in the whole AH scene but it seems to me glyph selling has quite specific need :
- very high RoI (glyph I consider sells 10-50g each and cost maybe 2-5g in mats)
- high number of different items listed at any given time, the individual transactions are small so you need to have a large inventory
I think I may try and hack something specifically for glyphs using Auctioneer undocumented API, I won't release it though
Yeah, I'm not saying you can mindlessly produce random glyphs, list them for the lowest price, and expect to make a profit. I agree, some glyphs will never sell regardless of how low the price is. For example, you can be the only scribe who can make Glyph of Snake Trap and nobody will ever buy that. Dominating the Glyph of Snake Trap market isn't recommended. Even with high-demand glyphs such Glyph of Raise Dead, Horn of Winter, and other DK glyphs, you can't simply ignore the prices of the raw materials and undercut blindly. The add-on is simply a tool that you can use against your competors to make life easier for yourself.
All that economic mumble jumble is way over my head, so I won't respond to it =p. But from my experience with WoW auction house, you will unlikely make a sale if you have been undercut. If you list a product on the AH for 12 hours, and somebody comes along an hour later undercuting you by a small amount, your product will not likely sale for the remaining 11 hours. That is why I propose the add-on that can help you monitor your auctions for undercut. How often you use it, how much to undercut, and when to stop undercuting as it is no longer profitable is completely up to you.
You can argue that it may not worth the time to constantly checking on your auctions, and there's some truth to that. Without add-ons, it does take a lot of effort considering it takes 3 clicks to cancel an auction, 2 clicks to get the item from your mail box, and a bunch of clicks and keyboard presses to relist items one-by-one; however, With the right add-ons, it may not take as much time to as you think. I'm currently using 1-click cancel auctions, open-all mail box, mass auction with preset undercut value, and the add-on I'm proposing will help streamline most of the work. Without these add-ons, yes, it is definitely not worth the time spent considering you can probably make 200g/hour doing dailies. However, on my server the raw materials cost for a glyph is somewhere between 1g-5g and the final product sales for 20-40g, so to me it's worth the effort to check on my auctions every few hours.
Thank you, it's almost as good as I wanted it to be. Unless I'm missing something, you still need to click on each item and click "refresh" to see the current prices?
If you mouse over the refresh button it will tell you that you can refresh all items by pressing alt and clicking refresh, it will then scan all your items and update the information. If you also preform a fast scan (warning it can dc you) it will grab ALL items on the AH and update their info,