I think a majority of people don't unsubscribe; they just mark your emails as spam and ignore them. That lowers your credibility with email providers, and if that happens enough, you start seeing your emails being considered as spam and you get entirely blocked off the ISP.
Also, it may be a mistake to attribute all of your revenue from the email to email. By its nature, emails are going to the segment of your audience most interested and most likely to purchase. Only a portion of revenue from it is actually incremental; a large part probably would have ordered anyway, and the email gets credit only because they're also clicking through the email.
Of course, it depends on what offers are in the email, etc. If you want to test, the best bet is as was mentioned elsewhere in this thread, segment out a set of customers and change the frequency of emails over the long term, and track their total sales.