Answer all questions (175 word min):

1. Compare and contrast the price elasticity of supply and price elasticity of demand, and define income elasticity and how it distinguishes normal and inferior goods.

2. In economics, utility is a measure of happiness. Economists assume firms maximize profits and consumers maximize utility or happiness. What is the utility maximizing principle for consumers? In your own experience, does this principle make sense?

Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.