Market demand function of Q = 84 -3.1P + 0.8I + 0.9Pr, where Q is quantatiy demanded, P is the price of comodoty, I is monthly household income and Pr is the price of a related good.

P =38, I = 100, PR = 18

1.Determine the price eleasticity of demand?

2. Income elestaicity of demand?

3. using the price elasticity, Should the company increase or decrease the price, and what impact would it have on the quantity sold and revenue occuring from that action?