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How will consumers adjust their purchase for housing

Assignment Help Basic Computer Science
Reference no: EM132113400

The income elasticity of demand for housing is exactly 1.40. Due to a recession, you expect incomes to drop by 5% next year.

a. How will consumers adjust their purchase for housing property?

b. Is housing property a normal or inferior good? How do you know?

Reference no: EM132113400

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