Please answer these 2 questions using the format below :

1. Distinguish between normal goods and inferior goods.

Please Define both terms, give examples, (Use relevant real world examples and fully developed to support argument you may also use an economic theory eg. Law of demand) and evaluate them (Counter arguments like pro and cons, etc).

1. Using real world examples, evaluate the view that PED is important and valuable for firms' decision making

Please Define terms, gives example (Use relevant real world examples and fully developed to support argument you may also use an economic theory eg. Law of demand), use diagrams that is relevant to question and a concluding sentence back to the question.