What is Inferior Good
In economics, an inferior good is a good whose demand decreases when consumer income rises, unlike normal goods, for which the opposite is observed. Inferiority, in this sense, is an observable fact relating to affordability rather than a statement about the quality of the good. There are many examples of inferior goods, including cheap cars, public transit options, payday lending, and inexpensive food. The shift in consumer demand for an inferior good can be explained by two natural economic phenomena: the substitution effect and the income effect.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Inferior good
Chapter 2: Supply and demand
Chapter 3: Elasticity (economics)
Chapter 4: Price elasticity of demand
Chapter 5: Consumer choice
Chapter 6: Giffen good
Chapter 7: Normal good
Chapter 8: Veblen good
Chapter 9: Substitute good
Chapter 10: Income-consumption curve
Chapter 11: Substitution effect
Chapter 12: Law of demand
Chapter 13: Complementary good
Chapter 14: Luxury goods
Chapter 15: Neutral good
Chapter 16: Demand curve
Chapter 17: Utility maximization problem
Chapter 18: Slutsky equation
Chapter 19: Wealth effect
Chapter 20: Hicksian demand function
Chapter 21: Demand
(II) Answering the public top questions about inferior good.
(III) Real world examples for the usage of inferior good in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Inferior Good.
