What are normal goods and what are inferior goods

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Question 1: Demand by households is often affected by fluctuations in the economy and income.

Think of the relationship between income and demand and discuss the following questions based on the readings and other sources found.

Question 2: What are "normal"goods? Define and give an example in the current economy.

What are "inferior" goods?

Question 3: Define and give an example in the current economy.

Question 4: Do luxury goods have more elastic or inelastic demand? Explain.

Reference no: EM133506756

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