Question
3) Google this article hello, summer: nearly 43 million Americans will kick off the season with a Memorial Day vacation Last year, the American Automobile
3) Google this article "hello, summer: nearly 43 million Americans will kick off the season with a Memorial Day vacation"
Last year, the American Automobile Association (AAA) estimated an increase in the number of people traveling (by car) over 60miles during Memorial Day holiday, given the current recession and relatively high gas prices:
Discuss the article relative to normal/inferior goods, and elasticity.
Do you think this is true?
Are there signs that you may see on a daily basis that suggest that this is true. Is a "staycation" (as these trips are being called) a normal or inferior good?
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