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Part 2 of the P6_demo code creates the necessary data and estimates a log-log demand model for low-fat conventional milk. Consult your lecture notes on

Part 2 of the P6_demo code creates the necessary data and estimates a log-log demand model for low-fat conventional milk. Consult your lecture notes on log-log demand curves. The results are as follows:

a).What is the point price elasticity of demand for lowfat conventional milk (CMP3)?

b).What is the point cross price elasticity of demand for organic milk 3-4% (OMP1)?

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