If demand for a product is perfectly inelastic, a change in price will not change total revenue

A simple linear demand function may be stated as Q = a - bP + cI where Q is quantity demanded, P is the product price, and I is consumer income. To compute an appropriate value for c, we can use observed values for Q and I and then set the estimated income elasticity of demand equal to:

A. c(Q/I). B. -b(I/Q). C. Q/(cI). D. c(I/Q).

Refer to Table 4-4. If a minimum wage of $9.50 an hour is mandated, what is the quantity of labor demanded?

A) 380,000 B) 370,000 C) 360,000 D) 10,000