question about normal goods in economics?

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question about normal goods in economics?

am i right in thinking that when price rises, demand for normal good falls. and when income rises ,demand also rises.thanks.

2006-10-14 01:23:34 · 3 answers · asked by @@@Marty@@@ 1 in Science & Mathematics ➔ Other - Science

3 answers

Yes, but not necessary proportionately.

You'll have to take into account price elasticty of demand as well as the consumers' propensity to spend/save

2006-10-15 02:54:53 · answer #1 · answered by Kevin F 4 · 0⤊ 0⤋

yeah bro thats it

2006-10-14 01:28:01 · answer #2 · answered by ? 4 · 0⤊ 0⤋

absolutely

2006-10-14 01:31:48 · answer #3 · answered by Prman 2 · 0⤊ 0⤋