Assume the probable impact of competing producers raise


Kiran company is major producer if steel. Management estimates that the demand of the company's steel id given by the equation

Qx = 5000 - 1000 Px +0.1 I + 100 Pc

Using this information, the company's manager want to determine what effect a price increase would have on total revenue. Evaluate how sale of steel would change during a period of rising incomes. Assume the probable impact of competing producers raise their prices. Assume that the initial claues of Px, i, pc are $1, $20,000 and $0.80 respectively.

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Macroeconomics: Assume the probable impact of competing producers raise
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