Normal goods and inferior goods?

Normal goods are goods for which demand increases as consumer income rises, while inferior goods are goods for which demand decreases as consumer income rises. In other words, normal goods are considered to be higher quality or more desirable, while inferior goods are considered to be lower quality or less desirable. Examples of normal goods include luxury items like designer clothing or high-end electronics, while examples of inferior goods include generic brands or low-cost products.

Normal Goods

- A good whose demand increases as consumer income increases.
- Consumers are willing to buy more of the good when they have more money.
- Example: High-end cars, travel, restaurant meals

Characteristics of Normal Goods:

- Positive income elasticity of demand
- Demand curve slopes upward
- Consumers consider them luxuries or desirable for a high standard of living

Inferior Goods

- A good whose demand decreases as consumer income increases.
- Consumers substitute inferior goods with higher-quality options when they have more money.
- Example: Fast food, generic brands, used clothing

Characteristics of Inferior Goods:

- Negative income elasticity of demand
- Demand curve slopes downward
- Consumers consider them necessities or undesirable for a high standard of living

Distinction between Normal and Inferior Goods:

- Substitution effect: As income increases, consumers substitute away from inferior goods towards normal goods.
- Income effect: As income increases, all goods become more affordable, but the demand for normal goods increases more than that for inferior goods.

Factors Influencing the Classification of Goods:

- Socioeconomic status
- Cultural norms
- Availability of substitutes
- Trends in technology and fashion

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