This subject name is economics and principles decision making you have to give answer of this question which is given below and i need 300 words. Question: Review the topic of income elasticity of demand. Provide at least one example for a product that is income elastic, unit elastic and income inelastic. Explain briefly.

| December 6, 2018

Question 1: Why does the RBA takes into account the domestic (Australian) and global (China, Japan, and USA) macroeconomic indicators (GDP growth rate, investment, household consumption, inflation, unemployment, and exchange rate) when making a decision whether to change (increase or decrease) or keep the official cash rate unchanged? Explain. Question 2: Explain the main objectives of monetary policy. List and describe the main functions of money and the Reserve Bank of Australia.&n …

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