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Edgar Only Consumes Protein Shakes with His Income,I

Question 22

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Edgar only consumes protein shakes with his income,I.The price of shakes is p.
a.What is Edgar's demand equation for shakes?
b.Can protein shakes be an inferior good for Edgar? Explain.
c.What is the price elasticity of Edgar's demand for shakes? Derive using calculus.
d.What is the income elasticity of Edgar's demand for shakes?

Correct Answer:

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a.Q = I/p
b.No,as income rises,Edgar wil...

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