Using Excel, Best Paints Estimates the Log- Linear Weekly Demand

question 73

Multiple Choice

Using Excel, Best Paints estimates the log- linear weekly demand function for their gallon sized paints to be ln Q^d = 16.23 - (1.85 × ln P) . At a price of $20, what is the price elasticity of demand?

• A)0.0008
• B)1.85
• C)2.15
• D)0.05

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Definitions:

Pendentives

Architectural elements that allow the placement of a circular dome over a square room or an elliptical dome over a rectangular room by transitioning the shape through triangular sections.

Pantokrator

An iconographic representation of Christ depicted as the ruler of the universe, often seen in Byzantine art.

Christ

Savior. From Latin Christus and Greek Christos, “the anointed one.”

Bishop Maximianus

A historical figure, often associated with Ravenna in Italy, known for his contributions to Christian art and architecture during the 6th century.