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What important economic concept is represented by the log-log model?

What important economic concept is represented by the log-log model?

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Using natural logs for variables on both sides of econometric specification is called a log log model.

Econometrics is represented by log-log model. Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships or in other words ,econonmetrics is defined as "quantitative analysis of actual economic phenomenon based on concurrent development of theory and observation related by appropriate methods of interference".

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