Consider the log-log model for estimating the price elasticity of demand for a product: log (Q) = a + a, * log(P) + ? where Q represents the quantity demanded and P represents the price of the product. Which of the following statements correctly describes the interpretation of the coefficient a, in this model? O a. a, represents the price elasticity of demand, indicating the change in quantity demanded for a one-percent increase in price. O b. a, represents the expected percentage change in quantity demanded for a one-unit increase in price. O c. a, represents the expected change in quantity demanded for a one-unit increase in price. O d. a, represents the price elasticity of demand, indicating the percentage change in quantity demanded for a one-percent increase in price.

Consider the log-log model for estimating the price elasticity of demand for a product. log(Q) = do + a, * log(P) + E where Q represents the quantity demanded and P represents the price of the product. Which of the following statements correctly describes the interpretation of the coefficient a, in this model? a. of represents the price elasticity of demand, indicating the change in quantity demanded for a one percent increase in price. Ob. a, represents the expected percentage change in quantity demanded for a one-unit increase in price. @ go, represents the expected change in quantity demanded for a one-unit Increase in price. Old a, represents the price elasticity of demand, indicating the percentage change in quantity demanded for a one percent increase In price