When demand is written as log(Q) = -0.23 - 0.34 log(P) + 1.33 log(I) , the price elasticity of demand equals:

A) -0.23
B) -0.34
C) -0.72
D) 1.33

Price Elasticity

The measure of how the quantity demanded of a good or service changes in response to a change in its price.

Demand

The desire and ability of consumers to purchase goods or services at a given price.

Log(Q)

The natural logarithm of the quantity Q, used in various mathematical, economic, and statistical models to transform data for analysis.