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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?
Selling Price
The amount of money charged for a product or service, determined by factors like cost, market demand, and competition.
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