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Using Excel, Best Paints Estimates the Log- Linear Weekly Demand

Question 73

Multiple Choice

Using Excel, Best Paints estimates the log- linear weekly demand function for their gallon sized paints to be ln Qd = 16.23 - (1.85 × ln P) . At a price of $20, what is the price elasticity of demand?


A) 0.0008
B) 1.85
C) 2.15
D) 0.05

Correct Answer:

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