Result Details
DEMAND ELASTICITY FOR THE CZECH CONSUMER
Meluzínová Jana, Ing., Ph.D., Re-podpora projektů (RO)
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:
Elasticity, Demand, Consumer Basket, Regression Analyses, Standard Deviation.
@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"
}