Distinguish between normal and inferior goods

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1. If the demand for a product is inelastic, what will happen to total revenue if price is increased? Explain.

2. What are the signs of cross elasticities for substitute products? Explain.

3. Distinguish between normal and inferior goods.

4. Is it true that a normal good must have an income elasticity that is more than one? Explain.

Reference no: EM13921789

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