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Suppose you have the following hypothetical demand or sales function. Q X = 600- 6P X + 20I +0.4P Y and P X = $80,

Suppose you have the following hypothetical demand or sales function.

Q_X= 600- 6P_X+ 20I +0.4P_Y

and

P_X= $80, (price of good X)

P_Y=$1,300, (price of good Y)

I = $30 (disposable per capita income)

Suppose P_Xincreases by 10%, by what percentage would sales decrease?Explain how this price increase affect total revenues from good X?

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