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Suppose that you have estimated the following demand curve: lnQ=8.5-0.35lnP+0.02I, where P is the current price and I is average income in thousands. Assume that

Suppose that you have estimated the following demand curve:

lnQ=8.5-0.35lnP+0.02I,

where P is the current price and I is average income in thousands. Assume that average income is equal to $80,000, that the current price is $45 and that the average income rises by 15%. . By how much could you raise (percentage) your price and maintain your current sale level?

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