SOLVED

6) What is the difference between a normal good and an inferior good. Give an example of each. 7) Suppose Katie, Mark, and Bobby are the only consumers in the market for ice cream. Using the demand schedules in the table above, what is the market demand curve for ice cream? 8) Soft drinks and milk are substitutes for consumers. Draw a graph showing the effect of an increase in the price of milk on the demand for soft drinks. 9) Soft drinks are a normal good. Draw a graph showing the effect of an increase in income on the demand for soft drinks.

Solution:

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