Follows a step-by-step method to manually calculate the Price Elasticity of Demand from the Demand Curve results generated by the Profit Engine node. This is not the recommended approach. Instead, configure the Price Sensitivity node to calculate the impact of a Price Change to Quantity, Revenue, and Profit.
Uses the KNIME Extension: Market Simulation by Scientific Strategy - Community Edition
A comprehensive description of this workflow with step-by-step instructions can be found at the Scientific Strategy website:
https://scientificstrategy.com/bb-201/
Workflow
[Building Blocks] BB-201 Calculating Price Elasticity
External resources
Used extensions & nodes
Created with KNIME Analytics Platform version 4.3.0
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KNIME AG, Zurich, Switzerland
Versions 3.6.0, 3.7.1, 4.3.0
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KNIME AG, Zurich, Switzerland
Version 4.3.0
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Decision Ready, LLC
Version 4.3.0
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