Quantity demanded is a function of price and income: Q = 50 + 50M - 10P, where M is income and P is price. If M = 10 and P = 10, what is the income elasticity of demand? Remember the negative sign, if...

Extracted text: Quantity demanded is a function of price and income: Q = 50 + 50M - 10P, where M is income and P is price. If M = 10 and P = 10, what is the income elasticity of demand? Remember the negative sign, if appropriate, and write your answer to 2 decimal places. Example: if the elasticity is -.56, then write "- 56" .