As a manager of a firm, you have estimated that the demand for the product the firm sells is $ QD = 500 - 4 P - 0.015 I, where P is the price of a unit of the firm's product and I is the average consumer income of the firm's customers. Currently, P = $15 and I = $25,000. Based on this information, if you decide to increase the price by 10%, your total revenue from sales will
- Increase by $10
- Increase by 1.5%
- Remain unchanged
- None of the above