Assume That the Demand Is Estimated to Be:
$$Q _ { D } = 50 + 0.1 \text { Income } - P$$

Essay

Assume that the demand is estimated to be:

$$Q _ { D } = 50 + 0.1 \text { Income } - P$$ (i)Is this demand equation consistent with the law of demand?
(ii)Is this a demand for a normal or inferior good?
(iii)Construct the demand schedule for this demand, evaluated at two different income levels (I = 100, and I = 200), using the table below:
$$\begin{array} { | c | c | c | } \hline \text { Price } & \begin{array} { c } \text { Quantity Demanded } \\\text { Income } = 100\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { Income } = 200\end{array} \\\hline & & \\10 & & \\20 & & \\30 & & \\40 & & \\50 & & \\\hline\end{array}$$