Using Excel, The Coffee Bean estimates the log-linear quarterly demand function for their specialty coffee drinks to be ln Qd = 12.23 - (1.75 × ln P). If The Coffee Bean decreases the price of their specialty coffee drinks from $6.50 to $5.50, which of the following will occur?
A) The predicted quantity (Qd ^) will increase.
B) The predicted quantity (Qd ^) will increase by 1.75.
C) The predicted quantity (Qd ^) will increase by 175.
D) The predicted quantity (Qd ^) will decrease.
A) The predicted quantity (Qd ^) will increase.
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