Publication detail

DEMAND ELASTICITY FOR THE CZECH CONSUMER

LUŇÁČEK, J. MELUZÍNOVÁ, J.

Original Title

DEMAND ELASTICITY FOR THE CZECH CONSUMER

Type

conference paper

Language

English

Original Abstract

The mission of economics in practical application can be described as an additional tool for the deeper understanding of the connection between market subjects. The price elasticity of demand is an extremely important value for the right pricing strategy. In many cases there are merely theoretical concepts, and concrete values for the actual situation are lacking. The objective of this paper is to evaluate methods for identifying demand elasticity. A longer time period will be used for the solution. The article will compare data from previous studies and discuss possible changes of the coefficients of elasticity for the Czech consumer. Two different procedures will be used for the solution. Reference values will be calculated by a standard approach of correlation and regression analysis. In the next section, these results will be compared with the second procedure, which is more focused on the possible variability of individual responses. The values determined are then compared with known values from the past and from the literature. The final part contains identification of changes in elasticity values for the previous 10 years in the Czech Republic. Key words:

Keywords

Elasticity, Demand, Consumer Basket, Regression Analyses, Standard Deviation.

Authors

LUŇÁČEK, J.; MELUZÍNOVÁ, J.

RIV year

2013

Released

19. 9. 2013

Publisher

Melandrium

ISBN

978-80-86175-87-4

Book

The 7th International Days of Statistics and Economics

Edition

1

Edition number

1

ISBN

NEUVEDENO

Pages from

829

Pages to

838

Pages count

9

BibTex

@inproceedings{BUT102378,
  author="Jiří {Luňáček} and Jana {Meluzínová}",
  title="DEMAND ELASTICITY FOR THE CZECH CONSUMER",
  booktitle="The 7th International Days of Statistics and Economics",
  year="2013",
  series="1",
  number="1",
  pages="829--838",
  publisher="Melandrium",
  isbn="978-80-86175-87-4"
}