question archive Suppose the price of a filet mignon at Texas Roadhouse is $10
Suppose the price of a filet mignon at Texas Roadhouse is $10
Subject:EconomicsPrice:2.88 Bought3
Suppose the price of a filet mignon at Texas Roadhouse is $10. When Michael's old income was $2,000 per month, his old monthly demand for filets was Q = 15 - 0.25P. When Michael got a pay raise and began to earn a new income of $2,200 per month, his demand shifted outward to a new function of Q = 20 - 0.25P. Given this information, find Michael's income elasticity for filets.
