Question: Convert each variable in the given data into natural logarithm (ln) and estimate the pork log-log demand equation below: Output options: Please save your results

Convert each variable in the given data into natural logarithm (ln) and estimate the pork log-log demand equation below: Output options: Please save your results in the same spreadsheet as the data (HW5) by selecting “R31” as your Output Range. ii. Record your estimated coefficients in the third column (Log-Log) of Table 3. iii. Compare the coefficients of this equation to the elasticities of equation 1. Which are better? iii. Complete column 4 (type of elasticity) of Table 3 with “Elastic” or “

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InPp InPb InPc InPe InY 435 460 340 394 160 425 467 343 377 165 441 476 ... View full answer

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