Faktory ovlivnují elasticitu poptávky ceského spotrebitele/The Factors Influences Elasticity of Demand for the Czech Consumer

The mission of economics in practical application can be described as an additional tool for the deeper understanding of the connection between market subjects. The price elasticity of demand is an extremely important value for the right pricing strategy. The objective of this paper is to evaluate methods for identifying demand elasticity. The article will compare data from previous studies and discuss possible changes of the coefficients of elasticity for the Czech consumer. Two different procedures will be used for the solution. Reference values will be calculated by a standard approach of correlation and regression analysis. The article is based on concepts of elasticity from the theoretical economics. Values of elasticity for the Czech consumer are nowadays practically the same like the demand elasticity of American consumer. Position of item in the consumer basket is not so important factor like the income of consumer. For the past 9 years, there has been a significant change in the coefficient of elasticity of demand.