You are managing a division of a large company. The marketing department submits a report to you about the demand for the product you manage. The report includes the following estimated demand function: Qd =2,910.0 -11.3 P + 0.050 INCOME- 3.0

(100.4) (3.2) (0.012) (1.0)

where P is the price of your product, INCOME is average income, Upper P Subscript other is the price of a related product, and the numbers in parentheses are the standard errors of the estimated coefficients directly above them. The Upper R squared statistic for the regression is 0.84 (84 percent).

Which of the following comments about the estimated demand function are true? (Check all that apply.) A. It would be useful for forecasting the demand of the product as the Upper R squared statistic for the regression is high. B. It would not be useful for forecasting the demand of the product as the estimated coefficients are not statistically significant. C. It would be useful for forecasting the demand of the product as the estimated coefficients are statistically significant. D. It would not be useful for forecasting the demand of the product as the Upper R squared statistic for the regression is low.

The product is a _____good. The related product is a complement for your product because

A. the estimated coefficient for income is positive and statistically significant B. the estimated coefficient for price of the good is negative and statistically significant C. the estimated coefficient for the intercept is positive and statistically significant D. the estimated coefficient for price of the related good is negative and statistically significant

Suppose the current price of your product is $180, average income is $55, and the price of the related product is $300. The quantity demanded will be _______. Based on the given information and your calculations in the previous step, the price elasticity of demand for your product will be _____ (Round your answer to three decimal places.) If you raise the price of your product, the total revenue will ______.