In a survey of caterers and event planners, nearly half of them said that they were seeing
Question:
a. Based upon this news clip, are wedding events a normal good or inferior good? Explain.
b. Are wedding events more a necessity or a luxury? Would the income elasticity of demand be greater than 1, less than 1, or equal to 1? Explain.
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a Based on the news clip wedding events are a normal good The economic slowdown means that ...View the full answer
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