Solved: How does income elasticity of demand explain what happened, Macroeconomics

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How does income elasticity of demand explain what happened

Problem

Read the article: "In China, nothing says 'upwardly mobile' like a $6,000 toilet" by David Pierson.

1) How does income elasticity of demand explain what happened in China?

2) What type of good can we call toilets?

3) What would happen to the toilets if China experiences a recession?

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Macroeconomics: How does income elasticity of demand explain what happened

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Macroeconomics: How does income elasticity of demand explain what happened

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