Ononot — A demand equation is estimated as \ln(Q) = 8.5 - 1.25 \ln(P)

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Linear Modelingmedium

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A demand equation is estimated as $\ln(Q) = 8.5 - 1.25 \ln(P)$ , where $Q$ is the quantity demanded and $P$ is the price. If the price increases by $4\%$ , what is the estimated percentage change in the quantity demanded?