Question

Give the meaning of inferior good and explain the same with the help of an example

Answer 1

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$\huge\boxed{Inferior\:Good}$

♠When with the rise in income of a consumer, the consumer buys less quantity of a good, then that good is an inferior good for that consumer.
░▒▓█Example █▓▒░:-Suppose when the consumer’s income rises, he buys less of coarse cloth and purchases fine cloth. Then for that consumer specifically, a coarse cloth is an inferior good.♠

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Answer 2

$\huge\mathfrak{Answer}$

• The goods in which demand is inversely related to consumers’ income. Other things remaining constant, demand for these goods decreases in response to increase in income and vice-versa, e.g. coarse cereals, toned milk, etc.

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