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Give an example of a normal good

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Reference no: EM131709346

(a) Give an example of a normal good. (Do not use the examples from the text.) Will the income elasticity of this good be greater than or less than 1? Explain.

(b) Give an example of an inferior good. (Do not use the examples from the text.) Will the income elasticity of this good be greater than or less than 1? Explain.

Reference no: EM131709346

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