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    Normal goods are defined as having a positive income elasticity. We can divide normal goods into two types: Those whose income elasticity is less than one and those whose income elasticity is greater than one. Think about products that would fall into each category. Can you come up with a name for each category?

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Questions & Answers

what is international trade
Stella Reply
International trade is the exchange of capital, goods, and services across international borders.
Increase knowdge and skill. it save time and cost. Increase high Efficiency of production .
betta Reply
List kinds of Elastcity of Demand
Is a faster rate of economic growth always a good thing as compared to a slower rate? And why?
what is unemployment
Doctor Reply
it is a situation during which workers remain jobless.
what is inflation
Sheila Reply
Inflation is a major concern to global economists, and it affects people from all walks of life. It refers to the measure or rate by which the cost of goods and services rises and purchasing power declines. As prices increase, monetary value decreases—prompting consumers to spend less on goods and s
what is the law of diminishing marginal utility?.
inusa Reply
The utility drive from last commodity Is a marginal utility
The marginal utility declines as more of a particular good is consumed at a given time
how are you
How do we relate the tale of the two Koreans to GDP?
the utility which is derived from the one commodity by taking continuously can decrease the desire of the particular commodity .that's known as diminishing marginal utility . and we can calculate by using the following formula MU=TUn_TUn-1
The law of diminishing marginal utility explains that as a person consumes an item or a product, the satisfaction or utility that they derive from the product wanes as they consume more and more of that product. For example, an individual might buy a certain type of chocolate for a while.
tell me the introduction of microeconomics
the major in depth concept of macroeconomics
Economic is the wealth
what is bank rate
Parth Reply
what is elasticity
Joshua Reply
is this an actual person
is the measurement of how changing economic variable effects others
what is supply
Chuks Reply
the amount that is available for sale
It is the total number of goods that's available for sales in the market.
what is protectionism
protectionism is a measure taking by a certain gov't to protect the infant industries from foreign competition and other BOP difficulties.
after the ss2 first term topic what is the next topic for 2nd term
Eze Reply
Being unemployed is a person who is able to work but not finding a job Being out of labor force is a person who isn't able to work
Elie Reply
Explain the differences between aggregate demand shocks and aggregate supply shocks
Swagger Reply
what are the measures being taken to reduce inflation in LDCs
Athumam Reply
increase level of production,reduce rates of tax charged
What is economic growth!
Doris Reply
Microeconomics can simply be refers to as the study of a unit economy while macroeconomics can be regarded as a study of economy as a whole or aggregate economy of a country.
Hamzat Reply
Full employment price stability economic growth

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Source:  OpenStax, Macroeconomics. OpenStax CNX. Jun 16, 2014 Download for free at http://legacy.cnx.org/content/col11626/1.10
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