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QUESTION
Suppose the price of a filet mignon at Texas Roadhouse is $20. When Michael's income was $5,000 per month, his monthly demand for filets was Q = 15 -...
Suppose the price of a filet mignon at Texas Roadhouse is $20. When Michael's income was $5,000 per month, his monthly demand for filets was Q = 15 - 0.25P. When Michael got a pay raise and began to earn $6,000 per month, his demand shifted outward to Q = 20 - 0.25P. Given this information, find Michael's income elasticity for filets.
