Suppose we find that the best fitting model for demand (D) based on price (P) to be D=1000*P^(-3.5). The "-3.5" coefficient is interpreted as:

Group of answer choices

1% increase in price is associated with a roughly 3.5% increase in demand.

one-unit increase in price is associated with a roughly 3.5% increase in demand.

one-unit increase in price is associated with a roughly 3.5% decrease in demand.

1% increase in price is associated with a roughly 3.5% decrease in demand.