Demand function for tickets for a rock concert has been estimated to be ln Q = 2.327 – 1.215 ln P +1.

Demand function for tickets for a rock concert has been estimated to be

ln Q = 2.327 – 1.215 ln P +1.417 ln I

where Q denotes number of tickets (in thousands), P the (average) ticket price and I the average income of the concert goers.

Determine the values of the price elasticity of demand and the income elasticity of demand.