Answer: Inelastic
Explanation:
The coefficients in a log-log model represent the elasticity of your dependent variable with respect to your independent variable. In other words, the coefficient in a log-log demand model is the estimated percent change in [tex]Q_{xd}[/tex] with respect to a percentage change in the independent variables like [tex]P_{x}[/tex], [tex]P_{y}[/tex], M, [tex]A_{x}[/tex], etc.
Thus, coefficient of [tex]P_{x}[/tex] represents the elasticity of demand for good X with respect to Price of good x. So, Own-price elasticity of good x is 0.8.
Since this is less than 1 the good is relatively inelastic.
