Suppose you have estimated a log log model of life expectancy as a function of income in which log LE = 3.7 +0.4 x log INC where LE is life expectancy measured in years and INC is income measured in £000s. What is your estimate of the elasticity of life expectancy with respect to changes in income?

Suppose you have estimated a log log model of life expectancy as a function of income in which log LE = 3.7 +0.4 x log INC where LE is life expectancy measured in years and INC is income measured in £000s. What is your estimate of the elasticity of life expectancy with respect to changes in income?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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