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Identify estimates of the income elasticity of demand

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Reference no: EM132172204

Questions -

Question 1 - Define and explain the three key economic ideas: 1) People are rational; 2) People respond to economic incentives; 3) Optimal decisions are made at the margin. Provide an example for each idea.

Question 2 - Using the economic or other literature to identify estimates of the income elasticity of demand for at least three different products. Provide full citations for the employed literature. Comment on magnitudes of these estimates in relations to the standard economic determinants of the income elasticity of demand.

Reference no: EM132172204

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