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Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A specific good may be an inferior good for some ranges of income and a normal good for other ranges of income. For a really poor person or population (think undeveloped country), an increase in income may lead to greater consumption of noodles or rice. Now, if incomes rise a bit (think college student or developing country), more meat or seafood may become part of their diet. Over this range of incomes, [which good is normal and which is inferior?].
Answer
noodles can be an inferior good and ground meat a normal good

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A specific good may be an inferior good for some ranges of income and a normal good for other ranges of income. For a really poor person or population (think undeveloped country), an increase in income may lead to greater consumption of noodles or rice. Now, if incomes rise a bit (think college student or developing country), more meat or seafood may become part of their diet. Over this range of incomes, [which good is normal and which is inferior?].
Answer
?

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A specific good may be an inferior good for some ranges of income and a normal good for other ranges of income. For a really poor person or population (think undeveloped country), an increase in income may lead to greater consumption of noodles or rice. Now, if incomes rise a bit (think college student or developing country), more meat or seafood may become part of their diet. Over this range of incomes, [which good is normal and which is inferior?].
Answer
noodles can be an inferior good and ground meat a normal good
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in income may lead to greater consumption of noodles or rice. Now, if incomes rise a bit (think college student or developing country), more meat or seafood may become part of their diet. Over this range of incomes, <span>noodles can be an inferior good and ground meat a normal good. <span><body><html>

Original toplevel document (pdf)

owner: iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p35

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