Question: Consider a Log-Log Model where the dependent variable is political donations. One independent variable is income. The coefficient on income in the Log-Log Model is

Consider a Log-Log Model where the dependent variable is political donations. One independent variable is income. The coefficient on income in the Log-Log Model is 0.32. What do the results of the Log-Log Model suggest?

Group of answer choices

a)A 1% increase in income results in a 0.32% increase in political donations

b)A 1% increase in income results in a 0.32 increase in political donations

c)A $1 increase in income results in a 0.32 increase in political donations

d)A $1 increase in income results in an 32% increase in political donations

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