Question

what is the income effect on inferior goods cheap quality goods and normal goods​

Answer 1

Answer:

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Explanation:

Demand for normal goods increases when income increases, but demand for inferior goods decreases when income increases.

Answer 2

Explanation:

Demand for normal goods increases when income increases, but demand for inferior goods decreases when income increases. In this video, we use the example of a computer and a car to describe the concepts of normal goods and inferior goods and show how a change in income affects the demand for each using a graph of the demand curve.