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Demand function for tickets for a rock concert

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Reference no: EM131927252

Demand function for tickets for a rock concert has been estimated to be

ln Q = 3.737 - 1.518 ln P +1.213 ln I

where Q denotes number of tickets (in thousands), P the (average) ticket price and I the average income of the concert goers.

Determine the values of the price elasticity of demand and the income elasticity of demand.

Reference no: EM131927252

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