What are “normal” goods? Define and give an example in our current economy
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What are “normal” goods? Define and give an example in our current economy
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Demand by households is often affected by fluctuation in the economy and income. Think of the relationship between income and demand and discuss the following questions: What are “normal” goods? Define and give an example in our current economy. What are “inferior” goods? Define and give an example in our current economy. Do you think luxury goods have more elastic or inelastic demand? Explain. Please use different examples from your classmates. Let’s make it an interesting discussion!
