This Was the Cost of a Wedding in 2020 The 2020 national average cost of a wedding

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This Was the Cost of a Wedding in 2020 The 2020 national average cost of a wedding was $19,000, a drop from 2019’s average wedding cost of $28,000. This number includes the ceremony and the reception. On average, incomes fell in 2020.

a. Do the data imply that a wedding event is a normal good or an inferior good? Explain.

b. Why do we need to be cautious about making inferences about the income elasticity of demand for wedding events during the pandemic?

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Economics

ISBN: 9781292433639

14th Global Edition

Authors: Michael Parkin

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Question Posted: Jan 27, 2024 10:01 PM

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This Was the Cost of a Wedding in 2020 The 2020 national average cost of a wedding

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a In economics normal goods are those for which the demand increases when consumer income increases ...View the full answer

Economics

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