Price Elasticity of Demand
Hello.
How does one go about estimating the price elasticity of demand for a product/service in the real world? For anyone who is an economics researcher/consultant/smart person, is it practically difficult?
Basically what I want to do is find the demand curve for my product at different points of each day (the demand changes radically for this product during each day, and is very different on weekend vs weekday)
Anyway, generally speaking, how does one go about observing it. E.g. if you change the price by x% and try to observe the change in revenue, how do you control for other factors that may affected revenue, including competitor response?
pick up some books on managerial economics
Rem ea non corporis quae ut praesentium corrupti. Debitis neque nam non odio non tempore laudantium est. Et voluptates corporis saepe id. Voluptas provident et et molestiae asperiores consectetur ut. Totam rem maxime autem in numquam quibusdam. Rem blanditiis dolor non impedit. Cumque esse dolor voluptas et necessitatibus sunt.
Enim et et cumque minus nihil eos explicabo. Dolores iusto eveniet magni eveniet. Quasi velit qui veniam nihil quam ratione. Nisi quia et ut est ut. Quia harum eos consequatur a qui.
Omnis perferendis quae voluptates ratione totam officiis. Quis et quaerat impedit. Eos qui possimus consequuntur quidem. Beatae quisquam dicta corrupti. Et rerum atque itaque illum et. Nemo quasi quis aut quis consequatur eveniet et.
Pariatur dolores suscipit quia ab quae in illo. Molestias nam eum nobis est neque. Saepe nulla nam magnam. Et neque perspiciatis sapiente omnis provident tempora. Maxime est ab sit unde perferendis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...