Discussion Post: Microeconomics
1) How do you think income elasticity affects a normal good versus an inferior good? Provide an example.
2) Why do economists use the term "elastic?"
3) What examples do you have of public goods? What is the free-rider problem?
4) How do you think income elasticity affects a normal good versus an inferior good? Provide an example.
The response must include a reference list. Using one-inch margins, double-space, Times New Roman 12 pnt font and APA style of writing and citations.