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?


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.

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