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Please provide detailed explanation from the following: Suppose you have the following hypothetical demand or sales function. Qx= -4Px+2Py+0.20I+0.04A and PX = $200, (price of

Please provide detailed explanation from the following:

Suppose you have the following hypothetical demand or sales function.

Qx= -4Px+2Py+0.20I+0.04A

and

PX = $200, (price of good X)

PY =$230,(price of good Y)

I = $1,500 (disposable per capita income)

A =$12,000 (advertising expenditures)

a. Write out a reduced demand function.

b. Solve forand write out the demand curve equation.

c. Give a narrative interpretation for the coefficient of I.

d. How could we classify good X and good Y? Explain why.

e. Calculate expected sales.

f.Find the total revenue function.

gFind the marginal revenue function.

hWhat output level maximizes total revenue?

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