Suppose the following is an estimated log-linear demand function:
ln Q = 8.99 - 3.78 ln P - 1.77 ln M - 2.03 ln PR
All parameter estimates are significant.
- Is this good a normal or an inferior good?
- Is this good a complement of or substitute for the related good?
- What is the price elasticity of demand for this good?
- What is the income elasticity of demand for this good?