4. Suppose that, holding prices constant, Alice has preferences over the number of books she purchases that
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4. Suppose that, holding prices constant, Alice has preferences over the number of books she purchases that look like:
a. Draw a smooth approximation of Alice’s Engel curve for books, indicating the ranges over which books are inferior goods and over which they are normal goods.
b. A luxury good is a good that has an income elasticity greater than 1. Give the ranges in which books are luxury goods for Alice.
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Related Book For 
Microeconomics
ISBN: 9780716759751
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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