Exploring the data
The experiment’s initial data source is the sales of a food truck outside of office buildings. It’s vital to review excessive prices because of the pressure on costs. The proprietor of a food truck must be aware of how a price increase affects the store’s demand for hamburgers. In other words, to determine how much the price can be raised, it is critical to understand the price elasticity of demand for the burgers in the store. In actuality, price elasticity measures how much a product’s price influences demand.
We will use the following Python modules in the next example:
- Pandas: A Python package for data analysis and data manipulation.
- NumPy: This is a library that adds support for large, multi-dimensional arrays and matrices, along with a large collection of high-level mathematical functions to operate on these arrays.
- statsmodels: A Python package that provides a complement to SciPy for statistical computations,...
