Q3 A rm is considering raising its price by 9 percent and has hired an econometrician to estimate the elasticity of demand for its product. The econometrician estimates the parameters of a log-liner demand function and reports that the parameter estimate for the elasticity of demand is 1.5 and the estimate is statistically signicant. a) If the rm raises its price by 9 percent, what. is the expected change in quantity demanded? b) If you are the manager of the rm. do you think the estimate as well as the expected change in quantity demanded associated with 9% price increase reasonable? \"Thy? c) Could you propose some other approaches to estimate the price elasticity of demand for the product