Question: 26. To Love, Honor, and Save Money Nearly half of caterers and event planners surveyed ... said they were seeing declines in wedding spending in

26. To Love, Honor, and Save Money Nearly half of caterers and event planners surveyed ... said they were seeing declines in wedding spending in response to the economic slowdown; 12% even reported wedding cancellations because of financial concerns.

Time, June 2, 2008

a. Based upon this news clip, are wedding events a normal good or inferior good? Explain.

b. Are wedding events more of a necessity or luxury? Explain.

c. Given your answer to

b, would that make the income elasticity of demand greater than 1, less than 1, or equal to 1?

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