Short Answer. Be thorough and clear in your answers. There are two parts A and B,...

Short Answer. Be thorough and clear in your answers. There are two parts A and B, so please identify your answers with an A and B.

Suppose that during this current coronavirus-caused recession with high unemployment rates and lower incomes, consumers choose to buy more generic food products and fewer brand name food products. (Assume the prices of the generic and brand name products did not change during this time).

A. Explain which good (generic or brand-name) is inferior and which good is normal. Be sure to fully explain how you determined this answer (hint: definitions of these are in Ch. 4).

B. Identify which elasticity measurement would be used to determine inferior and normal goods. Explain the formula and state what result you would expect for the brand name and the generic good, given your answer to part A. (i.e. positive number or negative number). [Hint: the more detailed (and correct) the answer, the better.]

Expert Solution

Rahul Sunny answered 7 months ago

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