Question

A good is an inferior good for one and at the same time normal good for the other .Explain with example.

Answer 1

Answer:

Yes, i agree with the above statement. A good can be normal or inferior depending on the level of consumer’s income. For instance, at a very low level of income, coarse cereals may be a normal good. However, for higher income level, ceteris paribus, coarse cereals will be an inferior good because with an increase in income, a consumer will reduce his/her consumption of inferior cereals and it will be substituted by superior cereals.........

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