Examlex
It is believed that the sales volume of one-liter Pepsi bottles depends on the price of the bottle and the price of a one-liter bottle of Coca-Cola.The following data have been collected for a certain sales region. Using Excel's regression,the linear model Pepsi Sales = β0 + β1Pepsi Price + β2Cola Price + ε and the log-log model ln(Pepsi Sales)= β0 + β1ln(Pepsi Price)+ β2ln(Cola Price)+ ε have been estimated as follows:
For the estimated log-log model,interpret the estimated slope coefficient of ln(Cola Price).
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Representativeness Heuristic
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