Ononot — An economist specifies a double-log (log-log) regression mod

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Linear Modelingmedium

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An economist specifies a double-log (log-log) regression model: $\ln(Y) = \beta_0 + \beta_1 \ln(X) + \epsilon$ , where $Y$ is the quantity demanded of a product and $X$ is the price. If the estimated slope is $\hat{\beta}_1 = -1.5$ , what is the correct interpretation of this coefficient?