You have the following information for your product:

The price elasticity of demand is |-2|

The income elasticity of demand is -1.5

The cross-price elasticity of demand between your good and a related good is -3.5

a.Describe what would happen to total revenue for your good if you raised your price by 10 %

b.Describe what would happen to total revenue for your good if a recession lowered incomes by 10%

c.Describe what would happen to total revenue for your good if the price of the related good fell by 10%