Full Tutorial: Price Elasticity and Optimization with Machine Learning in R (feat. XGBoost)

Hey future Business Scientists, welcome back to my Business Science channel. This is Learning Lab 88 where I shared how I do Price Elasticity Modeling and Price Optimization in Python. This FULL TUTORIAL is JAMMED to the brim with value. I cover an in-depth R Price Elasticity and Optimization workshop that covers exploratory analysis, modeling events, working with outliers, using XGBoost, Tidymodels, and more! *** LIMITED TIME OFFER *** 💥 Learn R with Me: https://learn.business-science.io/r-track-career-bundle?el=youtube *** JOIN LEARNING LABS PRO *** 💥 GET THE DATA +CODE IN THIS VIDEO: https://university.business-science.io/p/learning-labs-pro?el=youtube Table of Contents: 00:00 Price Elasticity and Optimization with Machine Learning in R (feat. XGBoost) 01:18 Agenda for Today 02:46 Why Listen To Me? 06:08 Price Optimization (Full R Tutorial) 07:35 Loading Libraries and Data Examination 12:05 Exploratory Data Analysis 14:35 Log-Log Transformation 16:00 Correlation Analysis 20:20 Outliers (Event Analysis) 23:25 Data Preparation 24:21 Machine Learning (XGBoost) 26:00 Preprocessing Recipes 29:15 Linear Regression Model (Baseline Model) 31:05 XGBoost Model 32:20 Model Performance 36:30 Conformal Prediction (with probably R package) 40:10 Model Accuracy 44:50 Return On Investment (ROI) Optimization 46:15 Price Simulation 48:45 Revenue Prediction 50:35 Smoothed Revenue Predictions 52:51 Business Insights (Which Prices Maximize Revenue) 54:20 Conclusions - Will this make you $150,000? 55:13 What They Will Pay You $150,000 For