The demand for good X has been estimated to be lnQXd = 100 – 2.5 lnPX + 4 lnPY + lnM.The own price elasticity of good X is
Note
The demand for good X has been estimated to be lnQXd = 100 - 2.5 lnPX + 4 lnPY + lnM.The own price elasticity of good X is -2.5.