Analýza cenové elasticity poptávky po hovězím mase

This bachelor's thesis is devoted to the analysis of the price elasticity of demand for beef. The theoretical part deals with the synthesis of relevant professional studies. In the first part of the practical work, a time series of 20 observations from the period of 2001-2021 were used for this analysis. The price of beef and consumer income significantly affect the consumption of beef. The influence of age, gender and the price of secondary goods could not be demonstrated in such short time series. In the second part of the practical work, panel data are used to estimate individual types of elasticities. The resulting model, using the method of fixed effects robust to standard errors, rejects the established hypothesis of this bachelor's thesis about the inelastic demand for beef. The resulting elasticity value is -1.12. However, the way the beef consumption variable is calculated can distort this result. The number of pensioners in the household has a positive effect on the consumption of beef in the household. This phenomenon among this group can be explained by the fact that pensioners, in contrast to other groups of residents, do not transfer their expenditure on food to various catering establishments (Zajíčková & Zajíček, 2016). Beef substitutes and consumer income came out as insignificant variables for calculation of income and cross elasticities.