Answer to Question #70322 in Macroeconomics for Joey

Question

The number of rounds of golf each year has been diminishing for at least a decade. Explain this phenomenon predicated on what has happened to the distribution of income in the United States and the way people value and allocate their time in the 2010’s. You should employ discussions of supply and demand, utility, elasticities of demand, and monetary value of time. The more thorough your answer the more points you will accumulate.

Answer 1

If the number of rounds of golf each year has been diminishing for at least a decade, then the distribution of income in the United States and the way people value and allocate their time in the 2010’s changed in such way that the demand for golf decreases and people prefer to work more and spend less time on playing golf.