Acta Univ. Agric. Silvic. Mendelianae Brun. 2011, 59(7), 225-236 | DOI: 10.11118/actaun201159070225

Elasticity of demand of the Czech consumer

Jiří Luňáček1, Vít Feldbabel2
1 Ústav podnikové ekonomiky, Mendelova univerzita v Brně, 613 00 Brno, Česká republika
2 Gymnázium a Střední odborná škola Moravské Budějovice, 676 19 Moravské Budějovice, Česká republika

The price elasticity of demand enables to set the real "correct price" to the seller guaranteeing the highest income. Despite the fact that the price elasticity of demand is very important in the economic practice, no work that would deal with it in greater details seems to be elaborated till now. The available sources show practically only and exclusively coefficients of the price elasticity of demand in the United States. These coefficients can naturally be utilized, but for certain goods only (e.g. salt, etc.), where the demand is the same irrespectively of where we find ourselves globally. There are certain products and services where the demand is determined by the socio-cultural aspects following from certain traditions of the country in question. The values established for conditions of the Czech Republic are certainly available nowadays, but with respect to expensiveness and scope of these researches we cannot consider them comparable with the results from the USA.
Objective of this paper is to draw curves of demand of 20 commonly used commodities in the Czech Republic and to determine coefficients of the price elasticity of demand afterwards, from which the basic recommendations for their sellers will follow. In light of the facts above comparison of these coefficients with the data from the USA would be very interesting to be able to create the picture about dissimilarities in demand of the average Czech and American consumer.

Keywords: demand, elasticity of demand, statistics evaluation, questionnaire investigation, modelling

Received: August 31, 2011; Published: January 26, 2014  Show citation

ACS AIP APA ASA Harvard Chicago IEEE ISO690 MLA NLM Turabian Vancouver
Luňáček, J., & Feldbabel, V. (2011). Elasticity of demand of the Czech consumer. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 59(7), 225-236. doi: 10.11118/actaun201159070225
Share...
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. AGUIRRE, C. M., 2011: Elasticity of Demand and Supply [online]. [cit. 2011-06-02]. Source: http://faculty.mdc.edu/caguirrl/Outline6.htm.
    2. BAYE, M., 2006: Managerial Economics and Business Strategy. New York: McGraw - Hill, 620 p.
    3. BECKER, G. S., 1997: Teorie preferencí. Praha: Grada Publishing, 352 p. ISBN 80-7169-463-0.
    4. BLATNÁ, D., 2004: Metody statistické analýzy. Praha: BIVŠ, 92 s. ISBN 80-7265-062-9.
    5. Český statistický úřad, 2010: Spotřební koš pro výpočet indexu spotřebitelských cen od ledna 2010 [online] [cit. 2010-06-02]. Source: http://www.czso.cz/csu/redakce.nsf/i/spotrebni_kos_2010/$File/spot_kos2010.xls.
    6. DEZANKOVÁ, H., 2007: Analýza dat z dotazníkových šetření. Praha: Professional Publishing, 212 p. ISBN 978-80-86946-49-8.
    7. Economic Research Service. International Food Consumption Patterns, 2010: [online]. [cit. 2010-06-02]. Source: http://www.ers.usda.gov/data/InternationalFoodDemand.
    8. FRANK, R. H., 1995: Mikroekonomie a chování. Praha: Nakladatelství Svoboda, 765 p. ISBN 25-042-95.
    9. GWARTNEY, J. D. et al., 2005: Economics: Private and Public Choice. South - Western/Cengage Learning. ISBN 9780324205640.
    10. HINDLS, R. et al., 2007: Statistika pro ekonomy. 8. vyd. Praha: Professional Publishing, 415 p. ISBN 978-80-86946-43-6.
    11. HUŠEK, R. PELIKÁN, J., 2003: Aplikovaná ekonometrie: teorie a praxe. Praha: Professional Publishing, 263 p. ISBN 80-86419-29-0.
    12. KEŘKOVSKÝ, M., 2004: Ekonomie pro strategické řížení: teorie pro praxi. Praha: C.H. Beck, 184 p. ISBN 80-7179-885-1.
    13. PECÁKOVÁ, I. NOVÁK, I., HERZMANN, J., 1998: Posuzování a vyhodnocování dat ve výzkumech veřejného mínění. Praha: VŠE v Praze, 146 p. ISBN 80-7079-357-0.
    14. SCHILLER, B. R., 2004: Mikroekonomie dnes. Brno: Computer Press, 404 p. ISBN 80-251-0109-6.

    This is an open access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), which permits non-comercial use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content