Problem
1. Using the concept of income elasticity of demand, describe normal, luxury, and inferior goods.
2. Using the concept of cross-price elasticity of demand, describe substitutes and complements.
3. Is there a difference between movements along a demand curve and shifts in a demand curve? How would you explain this difference to a friend who is taking this course and is confused about the issue?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.