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.
