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Suppose that we estimate a log-log model relating CEO salary to firm sales. How do we interpret the coefficient on log(sales)? Note that the unit

Suppose that we estimate a log-log model relating CEO salary to firm sales. How do we interpret the coefficient on log(sales)? Note that the unit of CEO salary is 100,000 dollars.

log(salary) = 4.822 + 0.257 * log(sale)

1 percent increase in firm sales increases CEO salary by about 0.257*100,000 dollars.
1 percent increase in firm sales increases CEO salary by about 0.257 percent.
1 percent increase in firm sales increases CEO salary by about 0.257*100 percent.
1 dollar increase in firm sales increases CEO salary by about 0.257*100,000 dollars.
1 dollar increase in firm sales increases CEO salary by 0.257*100 percent.

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