5. Consider that DH DADA Corporation well known is steel production. The corporation hires an economics to determine the demand for its product. After six month of hard work the analyst tells the company that demand for the firm(QX) is given by the following equation
QX= 1800-6000PX+600PC
Using the above the following data corporation wants
a) Determine what effect a price increase would have on total revenue
b) Evaluate how sales of the steel would change during a period of rising income
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