Economists define normal goods as having a positive income elasticity. We can divide normal goods into two
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Economists define normal goods as having a positive income elasticity. We can divide normal goods into two types: Those whose income elasticity is less than one and those whose income elasticity is greater than one. Think about products that would fall into each category. Can you come up with a name for each category?
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Normal goods with an income elasticity less than one are called necessity goods These are goods that ...View the full answer
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