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Demand schedule for a normal good

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Reference no: EM131395977

The following table shows a demand schedule for a normal good:

Price

Quantity Demanded

23

70

21

90

19

110

17

130
  • Do you think that the increase in quantity demanded (say from 90 to 110 in the table) when price decreases (from $21 to $19) is due to a rise in consumers' income? Explain clearly why or why not.
  • Now suppose that the good is an inferior good. Would the demand schedule still be valid for an inferior good?
  • Lastly, assume you do not know whether the good is normal or inferior. Devise and experiment that would allow you to determine which one it was. (Doesn't have to be a feasible experiment.) Explain.

Reference no: EM131395977

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