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a)Use cheap Australian wine that costs below $10 a bottle and premium wine that costs more than $100 a bottle to explain what aninferiorgood is
a)Use cheap Australian wine that costs below $10 a bottle and premium wine that costs more than $100 a bottle to explain what aninferiorgood is compared tonormalgood. (3 marks) b)State another pair of related products as examples of inferior and normal good . (1 mark) c)Assuming anincreasein income, use the Demand Supply model for cheap Australian wine shown below to -describe the movement of the demand/supply curves if any, -indicate what the new equilibrium price and quantity may be
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