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1. Use cheap Australian wine that costs below $10 a bottle and premium wine that costs more than $100 a bottle to explain what an inferior good is compared to normal good.
2. State another pair of related products as examples of inferior and normal good .
3. Assuming an increase in income, use the Demand Supply model for cheap Australian wine shown below to
- describe the movement of the demand/supply curves if any,
- indicate what the new equilibrium price and quantity may be.
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1 joes grandfather on his mothers side was a lizard man on a circus sideshownbsp the result of rare x-linked
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The idea is that the individuals within the population will vary in some measurable way (ex. weight, length, number of spots, etc.).
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