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#1
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Price elasticity
I have a data set with volume numbers at certain price points. I want to use
the data to determine what might be the outcome at different prices. For instance: At $.99 per lb, the average lb sold is 100,000 lbs. At $1.29, per lb, lbs sold is about 77,000 lbs. And on. What I am trying to figure out is how much I could expect to sell at price points where I have no history of sales. Please tell me there is an easy, uncomplicated way to do this. I am not a statistician. |
#2
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Price elasticity
I'm not a stat person either. But I put .99 in B1 and .01 in C1. In B2
=B1+$C$1 and pulled down until I had 1.29. Row 31. In E1 I entered 100,000. In F1 742, (approx the value of 100000 - 77000 divided by 31) In E2 =E1-$F$1 and pulled down to row 31. I adjusted F1 until E31 equalled 77,020. Just a linear chart that says at 1.13 = 89,276, at 1.05 = 95,405, etc. Basically 766 pound per penny. HTH Regards, Howard "Price Elasticity" <Price wrote in message ... I have a data set with volume numbers at certain price points. I want to use the data to determine what might be the outcome at different prices. For instance: At $.99 per lb, the average lb sold is 100,000 lbs. At $1.29, per lb, lbs sold is about 77,000 lbs. And on. What I am trying to figure out is how much I could expect to sell at price points where I have no history of sales. Please tell me there is an easy, uncomplicated way to do this. I am not a statistician. |
#3
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Price elasticity
L. Howard Kittle wrote...
I'm not a stat person either. But I put .99 in B1 and .01 in C1. In B2 =B1+$C$1 and pulled down until I had 1.29. Row 31. So far, so good, but arguably cleaner to make the B2 formula =B1+0.01, then fill down. In E1 I entered 100,000. In F1 742, (approx the value of 100000 - 77000 divided by 31) .... Now not so good. Just enter 100000 in C1 and 77000 in C31, select C1:C31, run the menu command Edit Fill Series, select Linear as Type and click OK. But there are no guarantees the demand curve is even approximately linear. |
#4
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Price elasticity
Hi Harlan,
But there are no guarantees the demand curve is even approximately linear I guessed that was the case but didn't know. What I do "kinda guarantee" is, if you are a non pro at Excel and lurk about in this news group and pay attention, you will pick up tips and gain knowledge. Which I just did with your critique of my offered solution. Never heard of "linear" fill until now. And the .01 in a separate cell does not make sense in retrospect. I did that because I had some vague thought of changing the increment for the B column. Point well taken. Thanks Harlan, Regards, Howard "Harlan Grove" wrote in message ups.com... L. Howard Kittle wrote... I'm not a stat person either. But I put .99 in B1 and .01 in C1. In B2 =B1+$C$1 and pulled down until I had 1.29. Row 31. So far, so good, but arguably cleaner to make the B2 formula =B1+0.01, then fill down. In E1 I entered 100,000. In F1 742, (approx the value of 100000 - 77000 divided by 31) ... Now not so good. Just enter 100000 in C1 and 77000 in C31, select C1:C31, run the menu command Edit Fill Series, select Linear as Type and click OK. But there are no guarantees the demand curve is even approximately linear. |
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