I work for a bank in south america and we do something called elasticity price test to determine what is the best "Price" (fee for a product), here is how it goes:
We select two similar groups and then we give, for example, 20% fee for the first group and 15% fee for the second one, and then we wait to see if the group with smaller fee is going to borrow more money ( so more that we will make more money from this loan ).
So we use a varible called "unitary margin" that represents how much money we make from one person in each group.
So for example:
*Group 1 (20% fee) -> with unitary margin of 22.00 dollars
*Group 2 (15% fee) -> with unitary margin of 22.40 dollars
I want to be able to explain if it is significant or if i just happened by chance and that is a bad idea to give a 15% fee for everyone.
I have all the data, what test should i study to make better decisions ?