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What is a normal good

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Reference no: EM133128567

i) What is a normal good? Give an example How is a normal good different to an inferior good.

ii) Suppose we are analysing the market for pizza in Melbourne. What will be the impact on the equilibrium price and quantity of each of the following events affecting the pizza market. You are not required to draw diagrams but sketching these events may help you work out the answers.

a. winter starts and the weather turns sharply colder.

b. the price of meat pies, a substitute for pizza, falls.

c. the price of electricity falls leading to lower power costs

d. the cost of renting pizza shops increases

e. the corona virus leads to 7.00 pm curfew for Melbourne residents

f. Melbourne experiences an increase in population growth

Reference no: EM133128567

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