1.Changes in income can impact our consumption choices. As one's income fluctuates, they may also get more...
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1.Changes in income can impact our consumption choices. As one's income fluctuates, they may also get more joy out of some goods and less from others. Respond to each of the following in 2-3 complete sentences:
Identify two types of goods. One that, to you, is a normal good; the other that, to you, is an inferior good.
Explain why an increase in income would make you want to consume more of the normal good.
Explain why an increase in income would make you consume less of the inferior good.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: