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The Following Data Show the Demand for an Airline Ticket

Question 33

Multiple Choice

The following data show the demand for an airline ticket dependent on the price of this ticket. The following data show the demand for an airline ticket dependent on the price of this ticket. For the assumed cubic and log-log regression models, Demand = β<sub>0</sub> + β<sub>1</sub>Price + β<sub>2</sub>Price<sup>2 </sup>+ β<sub>3</sub>Price<sup>3 </sup>+ ε and ln(Demand) = β<sub>0</sub> + β<sub>1</sub>ln(Price) + ε, the following regression results are available. Which of the following is the percentage of variation in ln(Demand) explained by the log-log regression model? A) 98.52% B) 98.50% C) 91.39% D) 97.93% For the assumed cubic and log-log regression models, Demand = β0 + β1Price + β2Price2 + β3Price3 + ε and ln(Demand) = β0 + β1ln(Price) + ε, the following regression results are available. The following data show the demand for an airline ticket dependent on the price of this ticket. For the assumed cubic and log-log regression models, Demand = β<sub>0</sub> + β<sub>1</sub>Price + β<sub>2</sub>Price<sup>2 </sup>+ β<sub>3</sub>Price<sup>3 </sup>+ ε and ln(Demand) = β<sub>0</sub> + β<sub>1</sub>ln(Price) + ε, the following regression results are available. Which of the following is the percentage of variation in ln(Demand) explained by the log-log regression model? A) 98.52% B) 98.50% C) 91.39% D) 97.93% Which of the following is the percentage of variation in ln(Demand) explained by the log-log regression model?


A) 98.52%
B) 98.50%
C) 91.39%
D) 97.93%

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