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Assume That the Following Is the Result of a Demand ln⁡Q=ln⁡20+5ln⁡P+2ln⁡I\ln Q = \ln 20 + 5 \ln P + 2 \ln I

Question 111

Multiple Choice

Assume that the following is the result of a demand estimation:
,
ln⁡Q=ln⁡20+5ln⁡P+2ln⁡I\ln Q = \ln 20 + 5 \ln P + 2 \ln I Where I represents consumer income, P is the price, and Q is quantity demanded. What is the price elasticity of demand?


A) 20
B) 5
C) 2
D) None of the above

Correct Answer:

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