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Reference no: EM131104047

As a manager of a firm, you have estimated that the demand for the product the firm sells is $ QD = 500 - 4 P - 0.015 I, where P is the price of a unit of the firm's product and I is the average consumer income of the firm's customers. Currently, P = $15 and I = $25,000. Based on this information, if you decide to increase the price by 10%, your total revenue from sales will

  • Increase by $10
  • Increase by 1.5%
  • Remain unchanged
  • None of the above

 

Reference no: EM131104047

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