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Why do economists use term elastic

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Reference no: EM133091291

Question 1. How do you think income elasticity affects a normal good versus an inferior good? Provide an example.

Question 2. Why do economists use the term "elastic?"

Question 3. What examples do you have of public goods? What is the free-rider problem?

Question 4. How do you think income elasticity affects a normal good versus an inferior good? Provide an example.

Reference no: EM133091291

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