Question
Last year, the American Automobile Association (AAA) predicted an increase in the number of people traveling (via auto) greater than 50 miles during the Memorial
Last year, the American Automobile Association (AAA) predicted an increase in the number of people traveling (via auto) greater than 50 miles during the Memorial Day holiday, despite the ongoing recession and relatively high gas prices:
Read:AAA estimates significant increase in Memorial Day travel. (Note, new AAA estimates for this year have not been published, but expect a similar story to be published soon for this year).
Discuss this article in terms of normal/inferior goods, and elasticity.
- Do you believe that 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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Macroeconomics Principles and Applications
Authors: Robert e. hall, marc Lieberman
5th edition
1111397465, 9781439038970, 1439038988, 978-1111397463, 143903897X, 9781439038987, 978-1133265238
