Let's say I want to conduct an experiment where I randomly vary the price of a product up or down by a small amount. Let's say I want to understand the price elasticity of demand for online shoppers in a given category.
When someone visits my site, I will randomly move the price up or down by some amount, x.
Does it matter how what the magnitude of x is given a large enough sample? I think theory will say that a large enough sample will overcome a really small x. But my concern is that let's say the average price in my shop is $440, x = \$0.01. Does anyone care about \$0.01 when buying a \$440 item?
Do I need x to be, for example, \$10 before I am able to detect a meaningful elasticity?