Solved: The demand for good x has been estimated to be ln qxd 100, Business Law and Ethics

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The demand for good x has been estimated to be ln qxd 100

The demand for good X has been estimated to be ln Qxd = 100 - 2.5 ln PX + 4 ln PY + ln M. The income elasticity of good X is:

1. 1.0

2. 2.0

3. -2.5

4. 4.0

I know that the answer is 1.0, but how does this relate to Log-Linear Demand? For instance, how am I suppose to put this in context for others to understand?

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Business Law and Ethics: The demand for good x has been estimated to be ln qxd 100

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