Bibliographic description:
Shuptar Solomiya. Prognostication model and pricing strategy optimization for restaurant businesses. Bachelor Thesis. Ukrainian Catholic University, Faculty of Applied Sciences, Department of Computer Sciences. Lviv 2022, 42 p.
Abstract:
The aim of this thesis is to study price elasticity for this type of consumer product
such as confectionery, in order to find out the relationship between price and demand.
Since very few companies change the price in both directions for research,
we will need to simulate how the demand would change if the price will be moved
by an arbitrary percentage rate.
The result of this work will be a revealing of the correct elasticity between demand
and price for every product, which will allow to improve current pricing strategy
and optimize the model of sales with relation to retail prices.
