(Answered) Assume that the income elasticity of demand for hot dogs is

Management Studies

Assume that the income elasticity of demand for hot dogs is -1.25 and that the income elasticity of demand for lobster is 1.25. Based on the fact that the measure for hot dogs is negative while that for lobster is positive, are these normal or inferior goods? (Hint: You may want to refer to the discussion of normal and inferior goods in Chapter 3.)

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