Calculating the Own Price Elasticity Of Two Brands

Calculating the Own Price Elasticity Of Two Brands

Refer to the table. The unit sales of two brands (denoted by 1 and 2) have been summed up across several stores, whereas marketing activity variables are weighted averages across those stores. The data set contains the following variables: Week = Week number (1 to 75) Units = Total units of brand “j” sold (j=1 to 2) across stores Price = Shelf price of brand “j” (weighted average across stores) Feat = Newspaper feature, (1 = brand “j” is featured, 0 = otherwise) Dips = Weighted average of in In-store display, (1 = there is an in-store display for brand “j” in a store, 0 = otherwise) Using the data, calculate the own price elasticity of two brands. Explain in detail the model that you used and the steps that you follow.

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