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QUESTION
(i) Demand function for tickets for a rock concert has been estimated to be ln Q = 3.737 - 1.518 ln P +1.
1. (i) 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.
