--%>
Assignment Help - homework help

Describe inferior goods in economics

Inferior goods in economics: Inferior goods refer to such goods whose demand reduces with the rise in income of consumer.

   Related Questions in Microeconomics

  • Q : Area of Loren Curve This function as in

    This function as in illustrated figure area between A and B is termed as a/an: (1) index of inequality. (2) Lorenz curve. (3) Pareto indicator. (4) Gini coefficient. (5) Marx-Engels curve.

    Q : Effect on tax burdens by price

    When the price elasticity of demand for wine as 2.5, in that case rise in the excise tax which raises its price will be: (w) increase total spending upon wine. (x) reduce total spending upon wine. (y) not influence wine consumption. (

    		•
  • Q : Define surplus budget Surplus budget:

    Surplus budget: When receipts of government are greater than its receipts, it is termed as surplus budget.

    		•
  • Q : Elucidate GNI per capita Elucidate GNI

    Elucidate GNI per capita?

    		•
  • Q : Categorized Economic Capital Your

    Your family’s home can produce the service of shelter across several years, therefore from the vantage point of economics; your home can most rationally be categorized as: (1) a financial investment. (2) a fixed cost resource. (3) economic capit

    		•
  • Q : Isoquants and isocost lines By using

    By using isoquants and isocost lines, illustrates graphically that rise in y will result in a decline in the quantity demanded of x1 and also illustrates that rise in the price of x1 will result in a reduction in the quantity demanded of x1<

    		•
  • Q : Illustration of most complete monopoly

    The most complete monopoly by the given list would be: (1) McDonald’s dominance in marketing fast food burgers. (2) the Federal Reserve System [i.e., an arm of the government] issuing all US currency. (3) limiting subsidized low tuitions at stat

    		•
  • Q : Problem on demand of rising exports

    Meager Russian grain harvests during the year 2001 led to increasing exports of U.S. grain to Russia, that symbolized a raise in the: (1) Demand for Russian grain. (2) Supply of U.S. grain. (3) Supply of Russian grain. (4) Demand for the U.S. grain.

    Q : Problem regarding Inferior Goods

    Subsequent to Fred received a promotion and a big raise; he bought some macaroni and cheese dinners. For Fred, the: (1) Demand for the macaroni and cheese dinners is not predictable. (2) Macaroni and cheese dinners are the normal goods. (3) Demand for cheese and macar

    		•
  • Q : Income Elasticities of Demand Question:

    Question: (a)  Suppose the income elasticity of demand for pre-recorded music compact disks is +4 and the income elasticity of demand for a cabinet maker's work is +0.4.  Compare the impact on pre-recorde

    		•