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Suppose the log-linear demand function for your product was estimated as follows where the dependent variable was log transformed using the natural log (ln): ln
Suppose the log-linear demand function for your product was estimated as follows where the dependent variable was log transformed using the natural log (ln):
ln QD =43.2 - 0.025P + 0.005INCOME
Clearly interpret the coefficients for price and income, briefly explaining how arrived at your interpretations.
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