Economic Analysis: Theory and Practice
 

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Business intelligence in economic analysis of price elasticity of demand

Vol. 18, Iss. 9, SEPTEMBER 2019

PDF  Article PDF Version

Received: 29 July 2019

Received in revised form: 9 August 2019

Accepted: 19 August 2019

Available online: 30 September 2019

Subject Heading: THEORY OF ECONOMIC ANALYSIS

JEL Classification: M15, M16, M21, Р47

Pages: 1687–1699

https://doi.org/10.24891/ea.18.9.1687

Mitrovic S. University of Novi Sad, Novi Sad, Republic of Serbia
Mitrovic.Stanislav@hotmail.com

https://orcid.org/0000-0003-0664-7270

Subject The article investigates possibilities of applying business intelligence systems as a tool in the economic analysis of price elasticity of demand.
Objectives The purpose of the study is to identify opportunities for further development of economic analysis through the use of modern information systems of business intelligence; to develop, implement and test a practical solution on the basis of business intelligence for a specific economic problem when formulating pricing policies and examining the price elasticity of demand.
Methods The study employs the theory of economic analysis, practical experience of Russian and foreign scholars in the sphere of introducing business intelligence systems in the economic analysis of organizations under current conditions the world.
Results The paper introduces the concept of business intelligence in the context of economic analysis into scientific parlance. I developed and implemented a practical solution to analyze a specific economic problem, i.e. a program for calculating the price elasticity of demand and marginal revenue in the economic analysis of organizations, presented key output forms of the offered program, demonstrated the potential and advantages of business intelligence in developing fundamentally new approaches to company profitability and pricing policy management.
Conclusions Business intelligence systems provide organizations with a better possibility to transform data into information, and then the information into applied knowledge that enables to make management decisions.

Keywords: economic analysis, information technology, business intelligence, business analytics, price elasticity of demand

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