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How do you think income elasticity affects a normal good

 

  • How do you think income elasticity affects a normal good versus an inferior good? Provide an example. 
  • Why do economists use the term “elastic?”
  • What examples do you have of public goods? What is the free-rider problem? 
  • How do you think income elasticity affects a normal good versus an inferior good? Provide an example. 

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