Price Elasticity with R

Scenario We covered Price Elasticity in an accompanying post. In this post we will look at how we can use this information to analyse our own product and cross product elasticity. The scenario is as follows: You are the owner of a corner mom and pop shop that sells eggs and cookies. You sometimes put […]

Price Elasticity

Concept The concept of price elasticity is pretty easy to grasp. In economics, it is a measure of how sensitive demand or supply is to price. In marketing, it is how sensitive consumers are to a change in price of a product. There are many determinant of elasticity that are both supply-side and demand-side. Nevertheless […]