An economist is Interested In examining how an Individual's cigarette consumption (() may be Influenced by the price for a pack of cigarettes (P) and the Individual's annual income (4. Using data from 50 Individuals, she estimates a log-log model and obtains the following regression results. In (C) 3.58 - 1.271n(P) + 0.221n(I) p-values= (0. 020) (0. 804) (0.480) a. Interpret the value of the elasticity of demand for cigarettes with respect to price. (Round your answer to 2 decimal places.) As the price increases by 1%, cigarette consumption by b. At the 5% significance level, Is the price elasticity of demand statistically significant? O Yes, since the p-value Is less than the significance level. O Yes, since the p-value is not less than the significance level. No, since the p-value is less than the significance level. O No, since the p-value is not less than the significance level. C. Interpret the value of the Income elasticity of demand for cigarettes. (Round your answer to 2 decimal places.) As the annual income increases by 17:, cigarette consumption by d. At the 5% significance level, Is the Income elasticity of demand statistically significant? . since the p-value is 0.05, we conclude that income elasticity of demand for cigarettes is statistically significant