Machine Learning Based Product Price Inference Using Price Elasticity of Demand Approach

K.Vengatesan, Raghvendra Vijay Naidu, Kunal Ganesh Joshi, ChaitanyaSantosh Tekane, Siddhant Ravindra Gore

Department of Computer Engineering, Sanjivani College of Engineering,Kopargaon.

Emails: kvengatesancomp@sanjivani.org.in; raghvendranaidu203@gmail.com; kunalgkjoshi@gmail.com; chaitanyatekane5@gmail.com; siddhantgore111@gmail.com

Abstract

In India lot of production and manufacturing industries are there, every time the price fixing to any new or existing product is considered many factors. Many parameters are involved to fix the price of any product. In market price fixing consists of various parameters, before finalize price value of any product, that will be based on the market demand of any product, and customer behavior also may be vary based on the day of purchasing in this proposed work we need to optimization of price product using machine learning algorithm and how effectively increase the proof of any product.

Keywords: Machine Learning; Price Optimization; Data Analytics