Point out valid and incorrect points

100 word responses to the numbers

Prompt that was used for the original statements: Changes in income can impact our consumption choices. As one's income fluctuates, they may also get more joy out of some goods and less from others.Identify two types of goods: One that, to you, is a normal good; the other that, to you, is an inferior good.Explain why an increase in income would make you want to consume more of the normal good and less of the inferior good.

1. Consumers' behavior changes as their income rises. Consumers may be able to buy things that were previously out of reach when their income rises. A normal good for me would be a Starbucks coffee and an inferior good for me would be a Mcdonald's coffee. A while ago, I worked at a warehouse job where I had to be there very early in the morning. I would usually wake up late and I would be in a hurry to get out of the house all the time. On my way to work, I would always get a Starbucks coffee because without it, I wouldn't last my shift. I eventually quit and was left with no job. However, what stuck with me was my new coffee addiction. Since I had no job anymore, I would go to Mcdonald's to get their coffee. Although I didn't like it much, I had to get it because I didn't have the money before when I had a job to get a Starbucks daily. The Starbucks coffee was very delicious to me, which is why I was fine paying the higher amount. I didn't need to buy the McDonald's coffee back when I had a job because I had money and would rather spend it on something that tasted good and that I enjoyed.
2. For me a normal good would be going out to get ramen. It sounds random but it is probably something I do once a week. To me it is a nice way to treat myself to a tasty meal and enjoy sometime to myself. I started doing this regularly when I began serving at the restaurant and had a substantial increase in income. Prior to this I would get ramen on rare occasion or only if I was going out with friends. I would typically make the ramen at home prior to my rise in disposable income, although this ramen was not nearly as good. It came in a styrofoam cup and twenty-four of them cost less than ten dollars. Now, I have nothing bad to say about my trusty Cup of Noodles although if I was given the choice between one or the other and money was no object, it is rare that I would choose the inferior good. The rise of income makes the inferior good less appealing because my situation has changed and allowed for additional spending. On top of this, the experience of the food and other accompanying aspects create a setting that justifies the given cost. The inferior good does have its benefits, in my case it is more cost effective and arguably better use of time and money. Currently, I am in Utah staying with a friend whilst I tour a university. During this time I am trying to keep expenses low as I am not working and therefor generating no income. So with that said I have been enjoying my inferior good quite extensively in the time I have been here.