This price elasticity was calculated correctly by using the slope of the regression for change in quantity/change in price and multiplying it by the mean price divided by the mean quantity.
Take a look at the data output of a linear regression where the quantity of rib eye steaks sold is modeled as a function of its price, the price of chicken, disposable income, and a time trend. Using this data, what is the price elasticity of rib eye steaks?
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