Solution-Negative income elasticities

Negative income elasticities

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Normal goods have positive income elasticities, while inferior goods have negative income elasticities.

Necessities tend to have small income elasticities, while luxuries tend to have a larger income elasticities. Why?

Reference no: EM131527631

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Negative income elasticities

Reference no: EM131527631

Reference no: EM131527631

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