Sunday, December 4, 2011

Mikeroeconomics: Daily Review -- Income Elasticity

Mikeroeconomics: Daily Review -- Income Elasticity: Can a good be both income inelastic and a normal good? My answer is "yes." If my income raises, I might buy more laundry detergent...

About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.


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