I have a regression that is of the following form:
$$\text{salespc} = \beta_1 + \beta_2 \text{realprice} + \beta_3 \text{realincpc} + e_i $$
My output from R is as follows:
Coef S.E. t Pr(>|t|)
Intercept 253.5044 9.2183 27.50 <0.0001
realprice -18.4374 2.6315 -7.01 <0.0001
realincpc -0.0035 0.0004 -8.45 <0.0001
I'm supposed to find price elasticity of demand and its standard error. I think that the elasticity is $$\beta_2 \frac{\text{realprice}}{\text{salespc}}$$ at given values of $\text{realprice}$ and $\text{realincpc}$. But I'm not sure how to find the SE. I know this isn't an econ forum but I thought it may be my best shot. Thanks.
I'm supposed to do a similar question with
$$\log(\text{salespc}) = \gamma_1 + \gamma_2 \log(\text{realprice}) + \gamma_3 \log(\text{realincpc}) + e_i $$
but I think once I get the first part I can do the second.
