If you've shopped in Israel or have taken our Level 1 class, you certainly know the word for inexpensive - זוֹל (transliterations here).
To say that a price has been reduced, or made more inexpensive, you'd say, הַמְּחִיר הוּזָל. You can also say, הַמְּחִיר הֻפְחַת - the price has been lessened, where הופחת is related to the word for less, פָּחוֹת.
Both הוזל and הופחת are past-tense usages - that the price has been reduced. And both words are in the הופעל verb form, which you can learn how to use here.
To say that a price is lower or is less expensive, you'd call the price מוזל or מופחת. These are the present-tense conjugations of the הופעל, but they're also adjectives.
Ulpan La-Inyan courses בִּמְחִיר מוּזָל
Yesterday was the last day to sign up for our courses at the pre-deadline prices.
This Wednesday, however, I'm giving away admission to our courses במחיר מוזל - at a discounted price.
How can you get this deal? By tuning in to my Israeli music hour on RustyMike Radio, Wednesday from 12pm-1pm Israel time.
See you then...