You are the manager of a firm that sells a leading brand of alkaline batteries. Click on the link below to access data on the demand for your product. Specifically, the file contains data on the natural logarithm of your quantity sold, price, and the average income of consumers in various regions around the world.

Use the information provided in the excel spreadsheetto perform a log-linear regression.

Excel Data File

Fill in your estimates below:

Instruction:Enter a negative number if the coefficient estimate is negative, and round your response to two decimal places.

lnQ=+lnP+lnM

Determine the likely impact of a 3 percent decline in global income on the overall demand of your product.

_____Demand will fall by nearly 1%, and income elasticity is significantly less than zero.

_____Demand will decline by approximately 0.1%, but since income elasticity isn't significantly different from zero, it likely won't fall at all.

_____Demand will fall by nearly 10%, and income elasticity is significantly less than zero.

_____