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What is the income effect in …

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What is the income effect in case of inferior goods. Explain.

    • Posted by Mikun Mk 7 years, 11 months ago

    CBSE > Class 12 > Economics
    • 3 answers

    Tanu Maan 7 years, 11 months ago

    There is negative relationship between the inferior goods and the income of the buyer. When tha income of consumer increases the demand for inferior goods are decreases and when the income of the comsumer are decreases the demand for inferior goods increases.

    1Thank You

    Simran Chhattani 7 years, 11 months ago

    Inferior goods refer to those goods whose demand decreases with an increase in income. So there exists an inverse relationship between income nd demand for inferior goods. So, income effect is negative in case of inferior goods.

    3Thank You

    Saiyam Jain 7 years, 11 months ago

    As income will increase the demand for inferior good decrease They are negatively related to each other.

    2Thank You

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