Suppose a research report has estimated the demand for a firm's product as ln QXd = 7 − 1.5 ln PX + 2 ln PY − 0.5 ln M + ln A where:
Px = $15
Py = $6
M = $40,000, and
A = $350
Determine the own price elasticity of demand, and state whether demand is elastic, inelastic, or unitary elastic.