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As a manager of MyShoo Inc., you have estimated that the daily demand for shoes that your firm faces is Q=325-3P-0.01 I, where P is the price of a pair of MyShoo shoes and I is the average consumer income of the firm's customers. Currently, P=25 and I=20,000.Based on this information, if you decide to decrease the price of a pair of MyShoo shoes by, say, 1%, what will be your total revenue from sales?

Econometrics, Economics

  • Category:- Econometrics
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