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Suppose that you have 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

Suppose that you have 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 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)?

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