To Love, Honor, and Save Money In a survey of caterers and event planners, nearly half of them said that they were seeing declines in wedding spending in response to the economic slowdown; 12% even reported wedding cancellations because of financial concerns.

Source: Time, June 2, 2008

a. Based upon this news clip, are wedding events a normal good or inferior good? Explain.

b. Are wedding events more a necessity or a luxury?
Would the income elasticity of demand be greater than 1, less than 1, or equal to 1?
Explain.