Question: Using the demand function for lamb from Question 1.1, show how the quantity demanded at a given price changes as annual per capita income, Y,

Using the demand function for lamb from Question 1.1, show how the quantity demanded at a given price changes as annual per capita income, Y, increases by AU$200.

Data From Question 1.1:-

Suppose that the demand function for lamb in Australia is Q = 63 - 11ρ + 7ρ_b + 3ρ_c + 2Υ, where Q is the quantity in million kilograms (kg) of lamb per year, ρ is the dollar price per kg (all prices cited are in Australian dollars), ρ_b is the price of beef per kg, ρ_c is the price of chicken per kg, and Y is annual per capita income in thousands of Australian dollars. What is the demand curve if we hold ρ_b, ρ_c , and Y at their typical values during the period studied: ρ_b = 19, ρ_c = 6, and Y = 78?

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