Question

MK Corp estimates that its demand function is as follows:
Q = 400 - 12.5P+ 25A + 14Y + 10P*
Where Q is the quantity demanded per month, P is the product’s price (in $), A is the firm’s advertising expenditure (in $’000 per month), Y is per capita disposable income (in $’000), and P * is the price of AJ Corp.
a. During the next five years, per capita disposable income is expected to increase by $5,000 and AJ is expected to increase its price by $12. What effect will this have on the firm’s sales volume?

Answer 1

Answer:

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