The following data show the demand for an airline ticket dependent on the price of this ticket. For the assumed cubic and log-log regression models, Demand = β₀ + β₁Price + β₂Price²+ β₃Price³+ ε and ln(Demand) = β₀ + β₁ln(Price) + ε, the following regression results are available. Which of the following is the percentage of variation in ln(Demand) explained by the log-log regression model? A) 98.52% B) 98.50% C) 91.39% D) 97.93%

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The Answer of The following data show the demand for an airline ticket dependent on the price of this ticket. For the assumed cubic and log-log regression models, Demand = β₀ + β₁Price + β₂Price²+ β₃Price³+ ε and ln(Demand) = β₀ + β₁ln(Price) + ε, the following regression results are available. Which of the following is the percentage of variation in ln(Demand) explained by the log-log regression model? A) 98.52% B) 98.50% C) 91.39% D) 97.93%

The Following Data Show the Demand for an Airline Ticket