Question
The log-log and cubic models were fit given data on demand for an airline ticket and the price of the ticket, and the following table
The log-log and cubic models were fit given data on demand for an airline ticket and the price of the ticket, and the following table summarizes the regression results.
Variable
Intercept
Cubic 85,304.4991
Log-log 26.3660
x
Cubic 587.4426
Log-log N/A
x2
cubic 1.3177
log-log N/A
x3
cubic 0.0010
log-log N/A
ln(x)
cubic N/A
log-log 3.2577
R2
cubic 0.9793
log-log 0.9852
Adjusted R2
cubic 0.9781
log-log 0.9850
Standard Error se
cubic 1,515.5720
log-log 0.2071
Which of the following is the price elasticity of the demand found by the log-log model?
Group of answer choices
26.3660
3.2577
0.9852
0.2071
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