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2. What are luxury, nessesary and inferior goods? In a two good world if one good is a luxury good must the other be inferior?

2. What are luxury, nessesary and inferior goods? In a two good world if one good is a luxury good must the other be inferior? Explain. 3. A consumer has a quasi- linear utility function (u = v(x1) + 22) . Further, suppose income is 50, initially pi - pa = 1, but then p, rises to 2. Show graphically the CV and EV associated with this price increase for good 1.Which is larger? Why

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