Question:
The demand for haddock has been estimated as:
log Q = a + b log P + c log I = d log Pm
where Q = quantity of haddock sold in New England
P = price per pound of haddock
I = a measure of personal income in the New England region
Pm = an index of the price of meat and poultry
If b = -2.174, c = .461, and d = 1.909,
Calculate the elasticity of demand for each parameter.