I guess you could, but why are you interesting in price elasticity for this particular exercise?

In this case, we are focusing on the price delta for a specific product at a specified price level. I.e., your RM/Pricing strategy has already decided which fare/inventory to make available, so if you decide to forgo price elasticity and only focus on price delta, you are not make a horrible assumption.

This is why branded fares are good for AC. On one end, they can have a team establish their product pricing strategy and reward program benefits without having to make supply/demand assumptions. On the other, you can have your RM/Pricing team focus on the overall fare pricing strategy, and supply/demand adjustments based on that strategy.

You can now discriminately focus on S&D management and product pricing without interfering much between one and the other.