Discussion: Your Own Income Elasticity of Demand
Your participation in this discussion demonstrates the following learning objectives.
- Explain how and why the study of economics concerns various decisions making processes which have consequences, costs, and benefits.
- Apply economic reasoning for optimization in different economic circumstances: profit-maximization for entrepreneurs or utility-maximization for consumers.
- Discussion Prompt
Please create a discussion post responding in full to the prompt that follows.- Think of a good you purchase (or would like to purchase) that could be considered to have a positive income elasticity of demand (in other words, a normal good).
- Why do you think this good has a positive income elasticity?
- For your chosen good, are there any substitutes that you could purchase instead?
- Think of a good you purchase (or would like to purchase) that could be considered to have a positive income elasticity of demand (in other words, a normal good).
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