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Estimate the price elasticity of demand in case of product

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Reference no: EM133272418

Assignment:

Metrics to be used:

Price premium, Reservation price, Percent good value, Price elasticity of demand, Optimal prices, Linear and constant demand.

Question: Please select a product (anything you want to work with) and a web store where it can be bought.

1. Calculate the surcharge / extra charge on the basis of the price of a specific competitor's (or more competitors) average price paid and average price charged. (Please write down the detailed calculation, as well as the price of the selected product, the selected competitor(s), the price(s) and the estimated sales volumes.)

2. Estimate the price elasticity of the demand in the case of the chosen product. (Write a specific value with a justification that also takes into account the factors influencing price elasticity.)

3. Using the price elasticity defined in the previous point, plan a price change or promotion that is worth it for the company! (Please write down the extent and the direction of the price change and also justify by calculation why it is worth it.) We assume that the demand function is linear.

4. What would be the optimal price and gross margin at the optimal price? (Calculate the gross margin, estimate the required data.) Does the current price correspond to this gross margin?

Product: iPhone X

Web store: Apple

Competitor 1: Samsung

Competitor 2: Google

Reference no: EM133272418

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