Question: The log-log and cubic models were fit given data on demand for an airline ticket and the price of the ticket, and the following table

The log-log and cubic models were fit given data on demand for an airline ticket and the price of the ticket, and the following table summarizes the regression results.

Variable

Intercept

Cubic 85,304.4991

Log-log 26.3660

x

Cubic 587.4426

Log-log N/A

x2

cubic 1.3177

log-log N/A

x3

cubic 0.0010

log-log N/A

ln(x)

cubic N/A

log-log 3.2577

R2

cubic 0.9793

log-log 0.9852

Adjusted R2

cubic 0.9781

log-log 0.9850

Standard Error se

cubic 1,515.5720

log-log 0.2071

Which of the following is the price elasticity of the demand found by the log-log model?

Group of answer choices

26.3660

3.2577

0.9852

0.2071

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