With their fast-rising incomes, Chinese consumers will overtake those in todays rich economies to become the worlds
Question:
With their fast-rising incomes, Chinese consumers will overtake those in today’s rich economies to become the world’s biggest spenders on luxury goods. They will rebalance their budgets in a gradual move from saving to consuming.
Are luxury goods normal goods or just not necessities? Explain your answer.
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To know whether a good is a normal good we need to calculate the income elasticity of d...View the full answer
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Muhammad Salman Alvi
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