Imagine your income increased by a factor of 10 (say you went from making $20,000 a...
Imagine your income increased by a factor of 10 (say you went from making $20,000 a year to $200,000 a year) think of examples of goods or services you might 1. consume less of, 2. consume the same amount of, and 3. consume more of. Why the differences between the goods and services in those three categories?
Homework Answers
1.Consume less-canned soups and vegetables
This category is of inferior goods.
2.Consume the same quantity-medicines
This category is of necessity goods.
3.Consume more-expensive clothes
This category is of luxury goods.
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