Assume that we have a demand curve of the form.log(Q)=a-b×log(P)+c×log(I), whe .
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Assume that we have a demand curve of the form.log(Q)=a-b×log(P)+c×log(I), where Q=quantity, P=price, I=income, and a, b, and c are positive constants. The income and price elasticities for the demand curve represented above are always
constant.