Watch the < 1 min videos on Normal, Inferior & Luxury Goods(click on the links to get to the videos for the latter two goods) a) Go on a treasure hunt in your home and identify as many items around you under the 3 categories: -a normal good, -an inferior good and - (READ)aluxury good that you personally enjoy. b) Was it easy to classify? List a few and explain your choices. c) Can the identified goods move from 1 category (e.g. from normal to inferior, etc.) to another overa period of time? d)Self-reflection: How do you plan to apply these concepts to your life going forward?

Answer rating: 100% (QA)

a Treasure hunt in my home Normal good Bread It is a basic necessity that I consume regularly Inferior good Instant noodles As my income increases I t... View the full answer