elastic of demand of suggestions
Answers
Demand is not static. Every month it changes based on a number of factors. The difficulty in calculating a Price Elasticity is that 1) Relationship to Competition's prices, 2) Dynamically changing competition prices, 3) Shifting demographics.
While it's not impossible to do this (it's done in the real world) it'd be difficult to calculate it with out hurting turn times. In the real world people have days to work it out, we only have a few seconds...
What we will be getting, when I implement the new charts/reporting system in 1.21 is an income distribution chart per city. This will hopefully show you the possible number of customers per demographic and their price affordability ranges. I may even break it down specific to your vehicle type.
But as for giving you a sweet spot, it'd be hard to do reasonably.
Elasticity of demand.
Explanation:
The elasticity of demand suggests the change in quantity demanded when there is a change in the price of the commodity. It shows how much demand has been changed. For example, if the elasticity of demand is 1. Then it shows that there is 1% change in quantity demanded due to 1% change in the price of the commodity.
However, of the elasticity of demand is zero that means there is no impact on quantity demanded when there is a change in price. Thus, each magnitude shows the degree of variation in quantity demanded.
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Elasticity of demand
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