Hello,
I am trying to work out store level price elasticity of demand for a product. I will have 104 weekly observations of price and sales per store.
I am doing this to teach a simple class (not in statistics).
In order to work out the PED (PED= % change in quantity demanded over % change in price) I need to refer to last weeks price and last weeks sales, but I don't know how.
At the moment the data is in long format, with the variables storecode sales price week.
I have considered creating 2 new variables: lastweekprice and lastweeksales but I'm not sure how to do that!
Many thanks for suggestions.
Rosie
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