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Suppose you have the following hypothetical demand or sales function

Economics

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Suppose you have the following hypothetical demand or sales function. Q X= 600- 6PX + 20I +0.4PY and PX = $80, (price of good X) PY =$1,300, (price of good Y) I = $30 (disposable per capita income)

a. Write a narrative interpretation for the coefficient of PY

b. Given that PX = $80, ceteris paribus, calculate the price elasticity of demand and how could we classify demand

c. Suppose PX increases by 10%, by what percentage would sales decrease? Explain how this price increase affect total revenues from good X.