I have just started AS Level Economics and need help on this question I have attached in the image! I understand completely what inferior and normal goods are, but I do not understand how to gain 5 marks out of this question. Could someone please write me a model answer? I think that the tickets are normal goods! Someone please give me an answer that would score 5? I can use this as a template when doing other questions!
Help with this Economics AS Level question please! Watch
- Thread Starter
- 13-09-2016 21:45
- 14-09-2016 08:17
define what normal and inferior goods are with examples. Then give the answer with the reason
The tickets are a normal good because as your income increase, the demand for this good/service will go up swell.
Inferior good is when your income goes down the demand will go up
eg primark for inferior good or any designer for normal good
- 14-09-2016 18:28
Define normal and inferior goods with the help of diagrams. Like for normal good show the diagram of demand curve while for inferior good show the diagram of negative YED. Then tickets are normal good as if the price of tickets decreases your demand will increase.