What do you mean by a normal good?
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normal good is termed as in the rank of a average it means not to good or bad given in normal good
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Normal goods are goods which are in demand when there is an ‘increase in income’.
Explanation:
When the demand for goods increases with a rise in consumer income it is referred to as normal goods. The increase is at a rate slower than the ‘rate of increase’ in income. In economic terms, it is defined as a good for which the income ‘elasticity of demand’ is positive but less than one. There should be one normal good in different types of goods. This helps in providing the ‘marginal utility’ of the good.
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