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effect on demand

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Suppose that there is a general increase in incomes. Compare the effect of this increase on the demand faced by the following two chains:
a. Marriott, a four star hotel chain with properties throughout the world.
b. Motel 6, a chain of low priced hotels.

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Motel 6 can be termed as an inferior product in this case as it is a low priced ...

Solution Summary

Suppose that there is a general increase in incomes. Compare the effect of this increase on the demand faced by the following two chains

$2.19