Income and Demand
QUESTION
This Discussion contains multiple questions. Please make sure that you address each one.
Demand by households is often affected by fluctuation in the economy and income. Think of the relationship between income and demand and discuss the following questions based on the readings and other sources you found: What are “normal” goods? Define and give an example in our current economy. What are “inferior” goods? Define and give an example in our current economy. Do you think luxury goods have more elastic or inelastic demand? Explain. Please use different examples than your classmates. Let’s make it an interesting discussion!
In each discussion forum, students are expected to respond to the prompt by providing an informed, rigorous, and professional post. The initial post should be at least 150 words. In addition, students are required to respond at least 2 times to their classmates’ posts in a similarly informed, rigorous, and professional manner. Peer replies should be at least 100 words in order to qualify as substantive. Refer to the discussion rubric for more details.
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