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The demand for some good x is estimated to be: ln(Qx) = 10 - 4ln(Px) + 4ln(M) where Qx and Px are the quantity and price of good x and M is income.
The demand for some good x is estimated to be:
ln(Qx) = 10 - 4ln(Px) + 4ln(M)
where Qx and Px are the quantity and price of good x and M is income. What impact does an increase in income(M) have on the equilibrium price and quantity of good x?(Increase, decrease, uncertain). Explain.