algo-price-elasticity
Price Elasticity of Demand
Overview
Price elasticity measures the percentage change in quantity demanded for a 1% change in price. Ed = %ΔQ / %ΔP. |Ed| > 1 = elastic (price-sensitive), |Ed| < 1 = inelastic (price-insensitive). Critical for pricing decisions and revenue optimization.
When to Use
Trigger conditions:
- Estimating how a price change will affect unit sales and revenue
- Determining if demand is elastic or inelastic for a product
- Optimizing price for maximum revenue or profit
When NOT to use:
- When you need consumer willingness-to-pay distribution (use Van Westendorp or conjoint)
- When pricing multiple products together (use bundle pricing)
Algorithm
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