Compute the elasticity of demand for every parameter

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Reference no: EM1327373

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.

Reference no: EM1327373

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