Multiple Choice
Exhibit 16.5.The following data shows the demand for an airline ticket dependent on the price of this ticket. 
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: 
Refer to Exhibit 16.5.What is the percentage of variations in ln(Demand) explained by the log-log regression equation?
A) 98.52%
B) 98.50%
C) 91.39%
D) 97.93%
Correct Answer:
Verified
Correct Answer:
Verified
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