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 the average income is equal to $80,000 and that the current price is $45.

Suppose that you have estimated the following demand curve: an=8.5- 0.35lnP+0.02l, where P is the current price and | is average income in thousands. Assume that the average income is equal to $80,000 and that the current price is $45. C\" The current price elasticity is -0.35 and the income elasticity is 1.6. IC\"I The current price elasticity is -0.25 and the income elasticity is 1.8. C\" The current price elasticity is 0.35 and the income elasticity is -1.6. C\" The current price elasticity is 0.25 and the income elasticity is -1.8. Suppose that you have the following demand curve: an=8.5-0.35lnP+0.02|, where P is the current price and | is average income in thousands. Assume that average income is equal to $80,000 and that the current price is $45. Suppose now that average income rises by 15%. You decide that want to raise your price by 20%. What impact will this have on your sales (percentage)? 0 17% O 16% O 15% O 14%