Theory of demand and supply

Can any one explain , is normal goods and necessity goods are same ? and also plz explain the various types of goods and it's elasticity....iam sooo confused in this concepts....plz

Balaji R

Balaji R

CA Foundation


05-Jun-20 21:31


Answers (2)

Normal goods and necessity goods are not same. It is classified as necessity when the elasticity falls below 1. For rest of your query, refer to notes given in notes section.

Suraj Lakhotia

Suraj Lakhotia


06-Jun-20 05:57