How Much Does an American Wedding Cost? A survey by The Knot reports the national aver age
Question:
How Much Does an American Wedding Cost?
A survey by The Knot reports the national aver age cost of a wedding, excluding the honeymoon, was $35,329 in 2016, up from $32,641 in 2015 and $31,213 in 2014. Incomes rose every year.
a. Do the data imply that a wedding event is a normal good or an inferior good? Explain.
b. Is a wedding event more a necessity or a luxury?
Would the income elasticity of demand be greater than 1, less than 1, or equal to 1?
Explain your answer.
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a The data suggests that a wedding event is a normal good A normal good is one for which demand incr...View the full answer
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