Suppose a demand curve is represented by the linear function

Qd = -40,000Px + 60I + 10,000Ps

where Qd = the quantity demanded, Px = own price, I = per capita consumer income, and Ps = the price of a close substitute. Further, let I = $33,000, and Ps = $8.00, then

Qd = 2,060,000 - 40,000Px

Now, suppose per capita consumer income rises from $33,000 to $40,000. Answer the following questions.