Difference between normal and inferior goods
Difference between normal goods and inferior goods. Give illustration.
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Normal Goods: These are goods that demand for which increases as income of the buyer rises. There is a positive relationship among income and demand or the income effect is positive. Illustration: Rice and WheatInferior Goods : These are goods that demand for which decreases as income of buyer rises. Therefore, there is negative relationship among income and demand orthe income effect is negative. Illustration: coarse grain and coarse cloth.
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Question: In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables? Answer: <
Question: In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?
Answer: <
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