Quantity of beef bought (in pounds/week/household)I, incomep, price (in $/lb.)(thousand $/yr.) 3.00 3.50 4.00 4.50202.65 2.59 2.51 2.43404.14 4.05 3.94 3.88605.11 5.00 4.97 4.84805.35 5.29 5.19 5.071005.79 5.77 5.60 5.53Sections 9.1and 9.21. Suppose you are a beef producer and you want to know how much beef people will buy. Thisdepends on two things: i) how much money people have,and ii) the price of beef.Let I = household income (in thousands of dollars per year)p = price of beef (in dollars per pound)C = consumption of beef (in pounds per week per household)C is a function of both I and p as shown in the table:(Source: An Introduction to PositiveEconomics, 3rdedition, by Richard G.Lipsey)a) Write a sentence interpreting eachof the following mathematicalnotations:i) C(20, 3.50) = 2.59
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producer, Household income in the United States, household income